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2021 (4) TMI 1241 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCHMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - assignee of the Financial asset from the original lender - Financial Creditors or not - HELD THAT:- The application filed by the Petitioner seeking orders from the Hon’ble Tribunal in relation to the Majestic Towers Project (Asset owned by Corporate Debtor) to Mazda Estate on the basis on non-concluded contract. This application is necessarily against the Guarantor and seeking relief along with other home buyers to keep one property away from CIRP process. The application filed before Hon’ble NCLT Court III, has no bearing on the present application under section 7 of I & B Code seeking initiation of CIRP against the Corporate Debtor (borrower) in terms of default of non-payment of debt - This Bench is of the considered view that the debt of ₹ 150 crores have sanctioned and disbursed by the original lender and there is a default of payment of instalment of term loan from 30.06.2017 by the Corporate Debtor. Hence the Petition is admitted. The nature of Debt is a “Financial Debt” as defined under section 5 (8) of the Code. It has also been established that there is a “Default” as defined under section 3 (12) of the Code on the part of the Debtor. The two essential qualifications, i.e. existence of ‘debt’ and ‘default’, for admission of a petition under section 7 of the I&B Code, have been met in this case. Besides, the Company Petition is well within the period of limitation. This petition is admitted. Petition admitted - moratorium declared.
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