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2022 (7) TMI 236 - 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 - time limitation - HELD THAT:- The invoice Nos. 0401, 0441 and 0460 were raised on 31.10.2019, 30.11.2019 and 31.12.2019, if the payment terms agreed in the above invoices are considered, full payment of invoice amount should be paid by the Corporate Debtor on or before the 90th day of the invoice date i.e., 31.01.2020, 29.02.2020 and 31.03.2020, which clarifies that the date of default of the invoice Nos. 0401, 0441 would not be after 25.03.2020, it makes clear that the application was not hit by Section 10A of IBC, 2016 - It is also seen that the total amount mentioned in the invoice Nos. 0401, 0441 itself exceeds the threshold limit of 1 Crore specified in Section 4 of IBC, 2016. Pre-existing dispute or not - HELD THAT:- It is found that the Corporate Debtor has admitted it is liable to pay around Rs. 1,38,00,000/- to the Operational Creditor and there is no word expressed about the existence of a dispute with the Corporate Debtor. The Petition, as filed by the Operational Creditor, is required to be admitted under Section 9(5) of the IBC, 2016 - Petition admitted - moratorium declared.
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