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2018 (10) TMI 1680 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAIInitiation of Corporate Insolvency Resolution Process (CIRP) - Default on the part of Corporate Debtor to make repayment of loans - section 7 of the Insolvency and Bankruptcy Code, 2016 r/w rule 4 of Insolvency & Bankruptcy (Application to "Adjudicating Authority") Rules, 2016 - HELD THAT:- Tribunal observes that there is a debt due and payable by the Corporate Debtor and that a default has occurred on the amount which the Corporate Debtor was responsible to pay. The FC has issued a demand notice dated 03.01.2014 for repayment of outstanding amount of and the DRT vide its order dated 23.09.2015 held that the CD is liable to pay the outstanding dues and that it is not barred by limitation. The amount claimed by the FC in this petition amounts to and the claim is not barred by limitation - the FC has established that the amount in default committed by the Corporate Debtor is fact and it is supported by the documentary evidence placed before the Adjudicating Authority. Commencement of the Corporate Insolvency Resolution Process is ordered which shall ordinarily get completed within 180 days, reckoning from the day this order is passed - Ms.J.Karthiga, appointed as Interim Resolution Professional (IRP) as proposed by the Applicant - Moratorium declared - petition admitted.
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