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 filed affidavit u/s 9(3)(b) of the Code thereby stated that no notice of dispute has been raised by the Corporate Debtor nor received any communication regarding any dispute in response to the said Demand Notice.

Accordingly, the petition is filed by the Operational Creditor under section 9 of the IBC read with rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process against Corporate Debtors.

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