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2022 (7) TMI 235 - 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:- In the present matter, the Corporate Debtor in his reply has admitted the fact that till mid-2019, all the transactions between the Applicant and the Corporate Debtor were conducted without any disputes or disagreement. And the Corporate Debtor had withheld payments towards the Applicant due to the conditions beyond their control - the dispute raised by the Corporate Debtor herein is only feeble and it is relevant to note that the admission with respect to no dispute or disagreement and also toward the debt of USD 60,000/- pose a reasonable inference that it is an admitted fact that 'debt' and 'default' exists. The Corporate Debtor was in a bad financial position and has failed to pay the debts due towards them. This Tribunal is of the affirm view that there was default on the part of the respondent in pursuance of invoices raised on behalf of the applicant, accordingly, the present application stands admitted in terms of Section 9(5) of the Code and CIRP is hereby ordered to be initiated against the respondent Corporate Debtor, forthwith. Application admitted - moratorium declared.
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