Application for CIRP accepted once default of Corporate Debtor is established

Srinidhi Comprint Private Limited Vs First Flight Couriers Limited (NCLT Mumbai) Facts- The Corporate Debtor used the services/ items extended and supplied by the Operational Creditor but failed to clear the dues. Accordingly, the Operational Creditor/Petitioner issued Demand Notice u/s 8 of Insolvency and Bankruptcy Code, 2016 dated 24.05.2021 in Form 3 thereby demanding for repayment of outstanding amount to the tune of Rs.1,44,07,834/-. Despite receipt of said Demand Notice, the Corporate Debtor neither replied to the same nor repaid the outstanding dues. The Operational Creditor/Petitioner...