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2022 (7) TMI 575 - 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 petition establishes that the Corporate Debtor is in default of a debt due and payable and that the default surpasses the threshold amount stipulated under section 4(1) of the Code, i.e., Rupees one lakh, at the relevant time. Further, the instant petition is well within the limitation period. The Corporate Debtor has contended that the interest claimed by the Operational Creditor is illegal as it is not mentioned in the purchase order or in the alleged invoices. In this respect, the tax invoice dated 20 February 2018 can be referred to, wherein the provision for interest @ 24% has been mentioned. Further, even if the interest component is excluded from the total claimed amount, the principal amount itself crosses the minimum pecuniary threshold under section 4(1) of the Code. As such, the instant petition is maintainable. The demand notice is in consonance with Rule 5 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016. As such, the Corporate Debtor's contention that the same has not been sent in Form 4 is not maintainable. This Adjudicating Authority is satisfied that the Corporate debtor has defaulted in its payment of dues to the Operational Creditor. Further, demand notice has been served on the Corporate Debtor and affidavit under section 9(3)(b) has been attached to the petition. As such the instant petition is complete in all respects. Application admitted - moratorium declared.
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