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CIRP plea admitted as corporate debtor defaulted in making payment to operation creditor

January 9, 2020[2020] 113 179 (NCLT - Hyd.)

IBC : Operational creditor filed petition under section 9 requesting Tribunal to initiate CIRP against corporate debtor, stating that there was an existence of debt, and there was default

• It was found that pursuant to an agreement, an application had been filed by operational creditor on behalf of corporate debtor under section 10 of I&B Code, however fees as agreed for same had not been paid to operational creditor. Thus, amount payable to operational creditor fell under definition of 'operational debt' as it referred to payments for services rendered to corporate debtor. A demand notice was issued and there was compliance of provisions of section 9. Thus, there was debt and default of operational debt. As such petition was liable to be admitted.

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