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2022 (7) TMI 614 - 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:- The Corporate Debtor has neither sent any reply to the notice sent by the Operational Creditor under section 8 nor has sent any reply even to the corrigendum letter dated 13/01/2021 whatever defence it had, had to be stated in the reply to the notice or corrigendum notice, which were duly received by it. Even, on receipt of the notice from this Adjudicating Authority, the Corporate Debtor has not cared even to file its reply to the petition. The contention of the Corporate Debtor that the petition has been filed by the proprietorship concern or the notice has been sent on behalf of the proprietorship concern is misplaced and cannot be accepted. The petition and the affidavit clearly named Mangilal Suthar as the Operational Creditor and the next line is part of his address i.e. proprietor of M. Arts. M.Arts is only the trade name /address of the Operational Creditor and there is no harm if a person files a petition in his own name and addresses himself to be proprietor of his trade name. After all a person has a right to address himself as the proprietor of a proprietorship firm. The contention of the Corporate Debtor is misplaced and cannot be accepted - The Corporate Debtor had infact affirmed the outstanding due vide email and payments certificate dated January 10, 2019. Once an acknowledgment is made for a job having been satisfactorily done, the amount becomes due to the vendor/ the Operational Creditor. The Corporate Debtor in this matter cannot escape the liability simply by beating about amount the bush and taking refuge under one or other clause of the agreement or seeking refuge under any notification that a default has taken place during the period, for which no petition could be filed in the present matter, the facts are quite different. If the Corporate Debtor had any valid defence, it could have been stated so in its reply to notice under section 8 or in reply to even the corrigendum issued by the Operational Creditor, and even if it could not be done, it could have filed its reply to the petition. Even that has not been done in spite of the opportunities given to the Corporate Debtor. At the stage of arguments only, the Corporate Debtor is trying to escape its liability and make odd types of arguments, which cannot be accepted. The petition is otherwise complete in all respects - it is satisfied that the Operational Creditor has proved the outstanding operational debt, and the default in making payment thereof and that this petition deserves to be admitted. Petition admitted - moratorium declared.
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