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2019 (9) TMI 1324 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor defaulted in repayment of instalments - existence of debt and default - HELD THAT:- In the present case, the occurrence of default is evidenced by the details furnished by the bank including report of CIBIL, the copies of statement of accounts duly certified under the Bankers Books Evidence Act 1891, Balance Confirmation letters dated 14.02.2009 by the respondent-corporate debtor in form of Revival Letter and Recovery Certificate dated 21.07.2016 of the DRT-I, Chandigarh - It is a proven fact that the Corporate Debtor has not disputed the loan facilities granted by the petitioner-financial creditor. This fact could also be seen in the balance sheet for the year ending 31.03.2012 of the respondent-corporate debtor wherein the loan facilities by the petitioner-bank are being shown under the term loan head under the secured loans of the corporate debtor's balance sheet. The application filed in the prescribed Form No. I is found to be complete - The conditions provided for by Section 7(5)(a) of the Code being satisfied in the present case, the application for initiation of CIRP against Priknit Retails Limited is directed to be admitted. Application admitted - moratorium declared.
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