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2019 (3) TMI 1663 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor - It is alleged that the respondent corporate debtor defaulted in repayment of dues of the Exim Bank and accordingly, the Exim Bank in terms of the RBI guidelines declared the account of the Corporate Debtor as a Non-Performing Asset - it is claimed that the respondent corporate debtor has become commercially insolvent - HELD THAT:- In the present case Exim Bank had sanctioned and disbursed the loan amount recoverable with applicable interest by entering into loan agreements with the corporate debtor. The corporate debtor had borrowed the credit facility against payment of interest as agreed between the parties. The loan was disbursed against the consideration for time value of money with a clear commercial effect of borrowing. The outstanding debts have since been assigned in favour of the applicant. Moreover, the debt claimed in the present application includes both the component of outstanding principal and interest. In that view of the matter not only the present claim comes within the purview of 'Financial Debt' but also the applicant being the assignee can clearly be termed as 'Financial Creditor' so as to prefer the present application under Section 7 of the Code. The present application under Section 7 of the Code for initiative Corporate Resolution Insolvency Process has been filed by petitioner financial creditor in Form-1 in terms of Rule 4 of Insolvency and Bankruptcy (application to Adjudicating Authority) Rules, 2016 accompanied with required information, documents and records as prescribed under the Rules - There appears to be no infirmity in the application form, being complete in all respect. In terms of Section 7 (5) (a) of the Code, the present application is admitted.
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