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2017 (8) TMI 1600 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- There are three ingredients/primary conditions to be fulfilled for an admission of CIRP viz., an application in a prescribed format with prescribed fees is to be filed by a concerned party; such party shall furnish a name of Interim Resolution Professional, who should free from any disciplinary proceedings; a default of debt in question has occurred - As per Section 3(12) of IBC 2016, Default means non-payment of debt when whole or any part or installment of the amount of debt has become due and payable and is not repaid by the debtor or the corporate debtor, as the case may be. Whereas debt has been defined under section 3(11) of the Code, which says "Debt" means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt. The Hon'ble NCLAT in the case of M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR [2017 (6) TMI 959 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, MUMBAI] has held that once default. has occurred; application is complete; no disciplinary proceedings are pending against proposed IRP, Adjudicating Authority, on its satisfactions of above is required to admit the case. Adjudicating Authority for the purposes of Insolvency and resolution liquidation for corporate persons is National Company Law Tribunal, constituted under section 408 of the Companies Act, 2013. So the instant application/petition is properly instituted by duly authorized officer of IDBI and submitted application in a prescribed form with required fee along with all the relevant documents duly certified by the competent officer - It is not in dispute that various working capital term loans/working capital facilities/Restructured term loans/funded interest term loans/Priority Loans/Long Term working capital term loans, granted by the IDBI and availed by the respondent-LITL. The total overdue as on June 15th 2017 is ₹ 2,34,96,12,889/-. The default of the loans in question are also not in dispute as date of defaults in all the loans happens to be 28th /30th November 2016 with 197/199 days of default in each case. There is a default occurred, the instant application is complete and the IRP is to be appointed in accordance with law - Application admitted.
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