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2022 (5) TMI 871 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor - existence of debt and dispute or not - HELD THAT:- It is noted that the Operational Creditor supplied the goods to the Corporate Debtor as per the purchase order placed by the Corporate Debtor, and raised the four invoices dated 15.04.2021 for the amount of Rs. 1,49,20,054/-. The Corporate Debtor acknowledged the aforesaid outstanding amount vide letter dated 18.08.2021. The demand notice dated 08.09.2021 was issued to the Corporate Debtor by the Operational Creditor and the same was delivered on 13.09.2021. However, the Corporate Debtor neither paid the outstanding amount nor replied to the said demand notice. Moreover, the Corporate Debtor has admitted the aforesaid outstanding amount in its reply to the application dated 24.12.2021. Instant application is otherwise complete as per the provisions of section 9 (5) of the IB Code and meets the threshold limit as prescribed under Section 4 of the IB Code - The date of default is 25.04.2021 as per part IV of form V, and application is filed on 02.12.2021 hence the application is within limitation and not barred by law. Petition admitted - moratorium declared.
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