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2019 (5) TMI 1683 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor defaulted in payment - Section 9 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The existence of debt and default is reasonably established by the Financial Creditor. The Application under sub-section (2) of Section 9 of I&B Code, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the petition filed under section 9 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted. Application admitted - moratorium declared.
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