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TMI Blog2018 (2) TMI 1930X X X X Extracts X X X X X X X X Extracts X X X X ..... d a valid purchase orders and also paid the advance amount for those purchases. Further, he has also established that there is a Default as defined under section 3 (12) of The Code on the part of the Debtor - We have also perused the notice sent under Section 8 (2) of the Insolvency and Bankruptcy Code, 2016 and it came to our notice that the said notice is duly served upon the Debtor. Further, if the Respondent wanted to place on record evidence of 'Dispute' then he could have raised the objection within 10 days as prescribed under section 8 (2) of The Code which had also lapsed now. Hence, admittedly there is no Dispute in respect of the outstanding Debt. Petition admitted - moratorium declared. - CP No. 1584/IBC/NCLT/MB/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial as per his requirement, 6. It is further submitted that, as per the industrial practice the Operational Creditor has paid the advance amount, to the tune of ₹ 16.83.61.328.-. regards to said business purchase. But thereafter there had certain issues between the Operational Creditor and his clients consequentially thereupon the Operational Creditor vide a letter dated 19.11.2013 cancelled the placed order. 7. It is further stated that, thereupon the Operational Creditor has requested the Debtor to repay the advance paid in the very cancellation letter only. 8. It is further submitted that, thereafter there were number of letters exchanged regarding the outstanding amount and after number of follow-ups the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as neither repaid the claimed amount nor given a reply to the notice raising any dispute regards to the claimed amount. 15. Further that, the Debtor neither within stipulated time after the receipt of notice nor till date of Filing this Petition/Application has approached to the Operational Creditor to make the payment of outstanding amount. 16. Hence, the Operational Creditor has filed this Petition/Application before this Bench praying for declaration of insolvency upon the Debtor. 17. Further that, after filing of this Petition/Application the Operational Creditor has served the Notice intimating the date of hearing to the Debtor and the said notice has been received by the Debtor through hand delivery. The Aff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice sent under Section 8 (2) of the Insolvency and Bankruptcy Code, 2016 and it came to our notice that the said notice is duly served upon the Debtor. Further, if the Respondent wanted to place on record evidence of 'Dispute' then he could have raised the objection within 10 days as prescribed under section 8 (2) of The Code which had also lapsed now. Hence, admittedly there is no Dispute in respect of the outstanding Debt. 24. Further that, inspite of notices of hearing the Debtor choosed to remain absent for hearing. 25. Further we have also perused our record and it is noticed that from the side of Debtor no representation has been done so far. 26. As a consequence, after the expiry of the period ..... X X X X Extracts X X X X X X X X Extracts X X X X
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