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2022 (4) TMI 139 - NATIONAL COMPANY LAW TRIBUNAL , PRINCIPAL BENCH , NEW DELHIMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - Service of notice - time limitation - HELD THAT:- The Notice in this case was ordered by this Tribunal on 03.04.2019, despite various dates of hearing, there is no response given by the Corporate Debtor - In this case the debt has been intimated in terms of Section 8 of the Code r/w Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 issued on dated 04.12.2018 annexed as P-7 at pg 71-136 and has duly been served. However, Respondent/Corporate Debtor is not disputing the same. The debt is due on 31.10.2017 and this application is well within time. The debt and default has been established by the Operational Creditor against the Corporate Debtor in re-payment of the Operational Debt. The Petition filed under section 9 of the Code fulfils all the requirements of Section 9(5) of IBC, 2016. Therefore, the Petition deserves to be admitted. Hence, this authority is inclined to initiate the CIR Process of Corporate Debtor. Accordingly, the captioned petition is admitted. Petition admitted - moratorium declared.
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