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2022 (11) TMI 646 - 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 - threshold limit of debt involved - service of demand notice - whether the demand notice in Form 3 dated 01.02.2020 was properly served? - HELD THAT:- The petitioner has placed a copy of e-mail and registered post details which was delivered to the corporate debtor. Therefore, demand notice was duly served. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- The claim amount was not disputed. Rather, it is admitted that the amount was not paid due to financial crunch in the business. Whether this application is filed within limitation? - HELD THAT:- This application was filed on 06.10.2022 vide Diary No. 00724. Whereas the date of default is 30.01.2020, therefore, this Adjudicating Authority finds that this application has been filed within limitation. Threshold limit of debt - HELD THAT:- There is a total unpaid operational debt (in default) of Rs. 1,67,27,124/-. The operational creditor supplied goods to the corporate debtor and raised invoices attached as Annexure A-2. Accordingly, the petitioner proved the debt and the default, which is more than Rupees one lakh (prior to the amendment in threshold limit of one crore vide notification No. S.O.1205(E) dated 24.03.2020) by the respondent-corporate debtor. 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 deserves to be admitted. Petition admitted - moratorium declared.
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