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2022 (10) TMI 809 - Tri - Insolvency and BankruptcyMaintainability of petition - 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 dated 16.06.2019 was properly served? - HELD THAT:- The demand notice sent at registered address of the respondent/corporate debtor, as available on the master data of the corporate debtor, was delivered and tracking report showing its delivery has also been annexed with the petition. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- The petitioner/operational creditor has filed an affidavit dated 16.08.2019 (Annexure A-7) under Section 9(3)(b) of the Code, wherein it has been deposed that till the filing of the present petition there is no dispute communicated by the respondent/corporate debtor for the unpaid debt and no payment has been received during this period. Further, it has been deposed that no reply has been received to the demand notice within the stipulated 10 days time from the receipt of demand notice and that there is no preexisting dispute between the parties at all with regard to the unpaid operational debt. Whether this application was filed within limitation? - HELD THAT:- A perusal of the case file shows that the application was filed vide Diary No. 4108 dated 16.08.2019, whereas the date of default is 09.12.2018 i.e. 7 days from the date of invoice as per the agreed terms, as is mentioned in Part-IV of Form 5. Therefore, this Adjudicating Authority finds that this application has been filed within limitation. There is a total unpaid operational debt of Rs. 7,54,509/-, as claimed in the petition. As noted above, the operational creditor has provided the details of the debt due and has also annexed with the petition copy of ledger account statement, and invoices. Accordingly, the petitioner/operational creditor has established the debt and the default, which is more than Rupees one lakh i.e. the threshold limit (pre-revised) - all the requirements have been satisfied. 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. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition for initiation of the CIRP in the case of the corporate debtor, Vishal Rice Exports Private Limited is admitted. Petition admitted - moratorium declared.
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