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2022 (8) TMI 998 - NATIONAL COMPANY LAW TRIBUNAL , INDORE BENCHMaintainability 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 noted that there was a business relationship between the Operational Creditor and Corporate Debtor for which they have entered into barter agreements. Further, in Compliance with those agreements, the Operational Creditor has duly provided the services to the Corporate Debtor from time to time. Admittedly, the Corporate Debtor had paid the cash component to the Operational Creditor, as per those agreements but failed to transfer the part of the units (barter Component) to the value aggregating to Rs. 5,25,89,000/- as per Section 4 of the Code. The Demand Notice was sent on 30.12.2021. However, the Corporate Debtor neither disputed nor replied to the said Demand Notice. The Corporate Debtor admitted the debt to the extent of Rs. 5,25,89,000 due to the Operational Creditor in its affidavit in reply filed in response to Section 9 petition but expressed its inability to pay due to its financial constraints which arose because of demonetization, Covid-19, and other legal action taken by the Income Tax Department, Real Estate Regulatory Authority, etc. - there is a demand above the threshold limit and the Corporate Debtor has defaulted in paying that demand. As the date of default is 13.02.2020 and this application was filed on 10.03.2022 it is within the limitation. As per section 4 of the Code, this application meets the threshold limit. This application is complete and defect-free. Application admitted - moratorium declared.
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