Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (7) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 660 - 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 case, the Corporate Debtor has raised this issue of poor quality only after consuming the goods. The Contract between the parties was executed and adjudicated upon, therefore, in the light of the provisions of the Contract Act, the Corporate Debtor could not be allowed to do so. The Corporate Debtor has acknowledged its liability but is ready to make payment of only Rs.2,00,000/- instead of Rs.8,66,234/- being claimed by the Operational Creditor. The liability is duly admitted by the Corporate Debtor. The petition is otherwise complete in all respects - Petition admitted - moratorium declared.
|