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2022 (6) TMI 824 - 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 - HELD THAT:- From perusal of the record it is noticeable that the only rebuttal raised by the Corporate Debtor is pertaining to the amount due and payable. The Operational Creditor states that the outstanding due is of Rs.25,77,322/- (inclusive of interest calculated @ 18% p.a. till 06 December, 2018) whereas, the Corporate Debtor in its reply (at page 71) has categorically admitted that the outstanding due is of Rs.6,09,299/- This acceptance by the Corporate Debtor ticks the check box of debt and default. Further this instant application was filed on 02 April, 2019, hence, it falls within the threshold limit applicable then under the Code. As envisaged under section 9(3)(b) of the Code, an affidavit has been filed by the Operational Creditor and also, from the available record, it is evident that the Corporate Debtor had neither raised any dispute with respect to the services of the Operational Creditor. It is also pertinent to mention that no interest component has been mentioned in the invoices. Application admitted - moratorium declared.
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