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2017 (6) TMI 1188 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process existence of eligible debt - Held that:- This Bench is of the view that discretion is to be used to admit the Petition rather than to dismiss the petition especially when there is ample proof of admission of availing loan and defaulting thereof. It is an established fact that this Company is already reeling under debt burden of more than ` 2300 crores therefore this Bench does not find any merit to dismiss this petition by looking at the word "may" under in Sub-section 5 of Section 7 of the Insolvency & Bankruptcy Code. On perusal of the documents placed and the reasons given above/this Bench being satisfied that the debtor company defaulted in repaying its debt to the financial creditor, this Bench hereby admits this application.
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