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2022 (9) TMI 905 - NATIONAL COMPANY LAW TRIBUNAL , ALLAHABAD BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - time limitation - existence of debt and dispute or not - HELD THAT:- In the present case, the occurrence of default is evidenced by the copy of Certificates of all financial creditors issued by the corporate debtor (Annexure B), establishing the relationship between the parties and date of redemption as promised by the Corporate Debtor. Whether the present application has been filed within limitation? - HELD THAT:- It can be seen from the records that corporate debtor had to pay back the invested amount to Mr. Dhan Kunwar Verma on 05.11.2019. Further, details with respect to other Financial Creditors about the allotment, amount paid and date of default is mentioned at pages 37-50 of the petition. True Copy of the Certificates of all financial creditors has been attached at Annexure B, whereas the present petition has been filed vide Diary No. 0902109003652021 dated 18.06.2021. Therefore, the present petition is filed within limitation. Whether the present petition 'by investors who are the creditors of same class is maintainable? - HELD THAT:- In the present case, more than 132 creditors of same class who have approached this Authority for the redressal of their grievances. In view of The Insolvency and Bankruptcy Code (Amendment) Act, 2020 dated 16.08.2019 by which 1st Proviso to Sec. 7(1) was added which was upheld by judgment of the Hon'ble Supreme Court of India in MANISH KUMAR VERSUS UNION OF INDIA AND ANOTHER [2021 (1) TMI 802 - SUPREME COURT], the petitioners being more than one hundred of such creditors in the same class are eligible to file the present petition under Section 7 of the IBC, 2016. Moreover, no such objection on the maintainability of the petition has been raised by respondent as it proceeded against ex-parte. Thus, the application filed in the prescribed Form No. 1 is found to be complete. The present petition being complete and having established the default in payment of the Financial Debt and default amount being above threshold limit, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code - Petition admitted - moratorium declared.
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