2022 (7) TMI 1067

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....hority) Rules, 2016, seeking admission of the petition, initiation of Corporate Insolvency Resolution Process (CIRP), granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon, contending that the Respondent defaulted in the payment of alleged debt of Rs. 1,05,23,214 (One crore five lakhs Twenty-Three thousand Two Hundred and Fourteen only) 2. The averments in brief of the Application and rejoinder are that; (i) The Petitioner, herein after referred to as "Operational Creditor", is a Private Limited registered office in Hyderabad, is in business of supplying unbranded rawa. (ii). The Respondent, herein after referred to as "Corporate Debtor", is a Private Limit....

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....orders by Tribunal. 4. In light of the context put forth, the point that emerges for consideration is: Whether there is an operational debt as claimed by the applicant due and payable by Corporate Debtor, If so, whether the Corporate debtor defaulted in payment of same?. 5. We have heard the Learned PCS Ms. Sneha Agarwal, for the Operational Creditor and Learned Counsel for the Corporate Debtor, Shri Venkata Rami Reddy, perused the records. 6. A perusal of counter filed by Corporate Debtor shows that, the Corporate Debtor has not disputed the debt and only disputed the quantum of the debt. As per Section 5(6) of the code, "Dispute" includes a suit or arbitration proceedings relating to (a) the existence o....

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....ncluding any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (C) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (D) Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constitu....