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2022 (8) TMI 878 - 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:- It is settled law that even though the default amount mentioned in the petition is not proved but default of amount proved is covers the threshold amount the petition can be admitted. It is not necessary to prove the exact due amount mentioned in the petition, if the amount proved is satisfy the threshold amount the petition is liable to be admitted. This Tribunal notes that the objections raised by the respondents have been convincingly responded to by the OC. The corporate debtor could not establish that the leave and licence agreement executed on October 5, 2015 and the service agreements dated October 3, 2015 were terminated earlier and they have handed over peaceful possession of the premises to the OC. The corporate debtor vide its e-mail dated August 31, 2020 has rejected the invocation of arbitration clause. Thus, the arbitration proceedings never commenced - The CD has not produced details of any payment made to OC in respect of monthly rent, etc. Thus, in the opinion of this Tribunal operational debt and default is established. In result, going by the facts and circumstances of the case and the material on record, this petition is admitted. The application filed by the operational creditor under section 9 of the Insolvency and Bankruptcy Code, 2016 is hereby admitted for initiating the corporate insolvency resolution process against Coppertun Brewing P. Ltd. - moratorium declared.
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