TMI BlogInitiation of CIRP - existence of debt and dispute or not - The terms and conditions in work order do...Initiation of CIRP - existence of debt and dispute or not - The terms and conditions in work order do not say that only if the cranes are put to use, the hiring charges shall be paid. Once based on work order, the equipment on rental basis is availed by respondent and also acknowledged by respondent, the respondent ought to settle the outstanding dues, irrespective of the fact whether the equipment was under utilisation or not - thus the 'debt' and 'default' is proved by the Applicant. - Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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