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2022 (8) TMI 1056 - 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 No.3 dated 23.11.2019 was served upon the Respondent? - HELD THAT:- The demand notice was sent via a registered post on 23.11.2019 to the corporate debtor and its directors. The postal receipt is attached on Page 198 (Annexure – 5) of the Application. Whether the Respondent disputed the operational debt? - HELD THAT:- The Respondent has not filed a reply in this regard. However, considering communication on record between the parties, there is no dispute regarding the goods’ supply and quality. Thus, as per documents placed on record with the adjudicating authority, there is no dispute as to the outstanding liability of the Respondent/ Corporate Debtor towards the Applicant/ Operational Creditor. There is a total unpaid operational debt (in default) of Rs. 2,47,456/-, including the interest @ 18% per annum. It is observed that the Operational Creditor has issued various invoices (Annexure – 3) for goods supplied to the Corporate Debtor. Operational Creditor has given demand notice in Form-3 dated 23.11.2019, duly served on the Respondent. This Adjudicating Authority has held above that the Operational Creditor correctly delivered the demand notice in Form No.3, and no pre-existing dispute is proved. It has been shown that the Corporate Debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice to date. It is also observed that the conditions under Section 9 of the Code stand satisfied. Hence, this Adjudicating Authority is inclined to commence CIRP against the Corporate Debtor as envisaged under the provisions of IBC, 2016. Petition admitted - moratorium declared.
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