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2019 (1) TMI 1750 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIMaintainability of petition - initiation of CIRP - Financial Debt - HELD THAT:- The Applicants sent notices demanding repayment of the amount, and even though a reply dated 02.11.2017 was received from the Corporate Debtor it is seen that no valid grounds have been out forth by the Corporate Debtor to stave off the claim and the reply it is seen is rather evasive. The Tribunal is hence of the view that the loan was due and payable when the repayment was demanded and since there has been no repayment till date there is default in repayment of the financial debt and that a default has been committed in terms of Section 3(12) of the Code of a financial debt as defined under Section 5(8) of the Code and that the Applicant has rightly invoked the provisions of the Code. It is also seen from the Application that the above named IRP has given a written consent in Form 2 wherein he has agreed to accept appointment as an IRP if Application is admitted. Further, it is also evident from the said Form 2 as filed by the IRP signed under his hand that he is not a related party to the Corporate Debtor and that he is eligible to be appointed as an independent director on the Board of the Corporate Debtor - Certificate of registration of the IRP as issued by the Insolvency and Bankruptcy Board of India (IBBI) and self attested has also been enclosed along with the Application by the proposed IRP and taking into consideration all the above, this Tribunal finds that this is a fit case to be admitted in terms of Section 7 of the Code and thereby initiate corporate insolvency resolution process as against the Corporate Debtor. Application disposed off.
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