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2019 (5) TMI 1786 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADMaintainability of application - initiation of CIRP - Corporate Debtor has defaulted in repayment of loan provided by Petitioner/ Financial Creditor - existence of debt and dispute or not - HELD THAT:- The case of the Petitioner/ Financial Creditor is that it has provided various term loan facilities to the Corporate Debtor and the Corporate Debtor has defaulted in repayment of the same for an amount in default as on 31.08.2018 is Rs. Several notices were sent to the Corporate Debtor by the Financial Creditor for appearance and for making submissions. Even notice was carried out by way of paper publication against the Corporate Debtor for appearance and for making submissions in relation to the claim made by Petitioner, but there was no representation by the Corporate Debtor or any of its Directors. Inspite of ample opportunities to the Corporate Debtor, it failed to appear and make submissions before this Adjudicating Authority. Notices to the Corporate Debtor held sufficient. The Petitioner has proved its case by placing documentary evidence viz., Sanction Letter issued to the Corporate Debtor, loan Documents, Guarantee Agreement and copies of entries in Bankers Book in accordance with the Bankers Books Evidence Act; 1891 (18 of 1891) reflecting that the default has occurred for which the present Corporate Debtor was liable to pay. The submissions put forth by the Petitioner/Financial Creditor is satisfying - Further, the Financial Creditor has fulfilled all the requirements as contemplated under IB Code, in the present Company Petition and has also proposed the name of IRP after obtaining the written consent in Form-2. In these circumstances, this Adjudicating Authority is inclined to admit the Instant Petition. Application admitted - moratorium declared.
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