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2019 (1) TMI 1638 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor - default in repayment - Section 7 of the Insolvency and Bankruptcy Code - HELD THAT:- On going through the facts and submissions of the petitioner and upon considering the same, it is concluded that the Financial Creditor has established that the loan was duly sanctioned and duly disbursed to the Corporate Debtor but there has been default in payment of Debt on the part of the Corporate Debtor. The nature of Debt is a “Financial Debt” as defined under section 5 (8) of the Code. It has also been established that admittedly there is a “Default” as defined under section 3 (12) of the Code on the part of the Debtor. The petition deserves admission - petition admitted - moratorium declared.
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