Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (5) TMI 205 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- This Adjudicating Authority is of the view that there is an operational debt which is due from the Corporate Debtor and the Corporate Debtor has defaulted in making payment of the amount due and accepted the said default. The Corporate Debtor had, before accepting the default, contended that there exists a pre existing dispute as the terms and conditions in the agreement were one-sided, unfair and unjust towards the Respondent. However, the Corporate Debtor had himself signed the contract in the year 2014, which was subsequently extended and amended in the subsequent years. The Corporate Debtor never raised any dispute w.r.t. the terms of the contract before the filing of this petition. Therefore, in the absence of any preexistence of dispute, this tribunal admits this application and initiates CIRP on the Corporate Debtor with immediate effect. Application admitted - moratorium declared.
|