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2022 (5) TMI 809 - Tri - Insolvency and BankruptcyMaintainability 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 demand notice - HELD THAT:- It is noted that the Operational Creditor has supplied the goods to the Corporate Debtor and raised the invoices of Rs. 15,20,526/-. It is also noted that the demand notice under Section 8 of IBC was also sent to the Corporate Debtor, the Corporate Debtor replied to the demand notice but did not clear the claim amount to the Operational Creditor. The corporate Debtor in its reply dated 12.03.2020 has clearly admitted the amount of Rs. 15,20,526/- and also admitted that there is no previous dispute in respect to the service of goods. The instant petition is otherwise defect free and meets the threshold limit as prescribed under Section 4 of IBC as in this petition the claim amount is Rs. 15,20,526/- and the present petition was filed on 10.01.2020 i.e. prior to the Notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020, whereby the default amount is raised up to Rs. 1,00,00,000/- from Rs. 1,00,000/- as per Section 4 of the IBC. In view of the discussion, it is found that the present IB Petition is complete and fit for triggering the Insolvency Resolution Process in respect of Corporate Debtor. Therefore, the present IB Petition, filed under Section 9 of the Code, deserves admission - petition admitted - moratorium declared.
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