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2022 (10) TMI 323 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- After perusing the Application, it is directed that Corporate Applicant to issue notices to all Unsecured Creditors and Statutory Authorities i.e. Income Tax, Commercial Tax, Provident Fund and other Authorities vide order of this Adjudicating Authority dated 23.12.2021. Accordingly, notices were sent to unsecured creditors as well as statutory authorities on 04.01.2022. However, there was no objection from any of the stakeholders as mentioned above. It was also brought to our notice that Corporate Applicant has no secured creditors which was supported vide Certificate issued by Chartered Accountant dated 29.06.2019. The Corporate Applicant started facing heavy losses which resulted in non-fulfilment of their commitments and failed to meet its operational expenses which led to heavy debts which they are not able to meet - there was no objection from any of the stakeholders for the prayer made by the Corporate Applicant. Petition admitted - moratorium declared.
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