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2022 (8) TMI 762 - 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 - service of demand notice - whether the demand notice in Form 3 dated 10.01.2019 was properly served? - HELD THAT:- The petitioner has filed its written submissions vide diary No. 00255/2 dated 05.07.2022, whereby it has been stated that the Demand notice as per Form 3 & 4 was duly served upon corporate debtor before filing of the present petition and no reply to that has been duly received. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- It is to be noted that none appeared on behalf of the corporate debtor despite repeated service and has been set ex parte vide order dated 26.04.2022. Moreover, the petitioner has appended affidavit u/s. 9(3)(b) stating that even no reply to the demand notice and the corporate debtor has not cleared the outstanding dues, which is reflected in the certificate issued under Section 9(3)(c) of the Code, for which the present petition has been filed by the operational creditor. Whether this application is filed within limitation? - HELD THAT:- This application was filed on 28.02.2019 vide Diary No. 1032. Whereas the date of default is 18.07.2018, therefore, this Adjudicating Authority finds that this application has been filed within limitation. There is a total unpaid operational debt (in default) is of Rs. 49,90,671/- (Principal amount of Rs. 45,30,671 plus interest at the rate of 12% p.a. from 14.03.2018 upto 10.01.2019). The operational creditor has supplied goods to the corporate debtor and raised invoices attached as Annexure A-3 to A7. Accordingly, the petitioner proved the debt and the default, which is more than Rupees one lakh (prior to the amendment in threshold limit of one crore vide notification No. S.O. 1205(E) dated 24.03.2020) by the respondent-corporate debtor - the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. Thus, the conditions under Section 9 of the Code stand satisfied. It is evident from the above-mentioned facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is above threshold limit. It is seen that the petition preferred by the petitioner is complete in all respects. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the petitioner - Petition admitted - moratorium declared.
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