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2019 (6) TMI 1463 - Tri - Insolvency and BankruptcyMaintainability of Petition - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- It is an admitted fact that the Corporate Debtor availed loans from the Financial Creditor. The Contention of the Corporate Debtor that the Corporate Debt Restructuring Scheme sanctioned by the Financial Creditor was not implemented by the Financial Creditor in true letter and spirt owing to which the Corporate Debtor suffered huge losses and cash flows of the Company got decreased. But since the corporate debtor did not comply with the essential terms and conditions of the sanctioned package approved by CDR, the loan accounts of the Corporate Debtor were classified as NPA on 30.09.2015 by the Financial Creditor. The Learned Counsel for Corporate Debtor would contend that the company is getting investors and it is going to revive. But Learned Counsel for Financial Creditor would contend this cannot be a ground for not admitting the Petition. Further the corporate debtor admitted default. The Corporate Debtor acknowledged the debt. The Petition is not barred by limitation. The Financial Creditor suggested the name of IRP and there is no compliant against proposed IRP. The financial creditor has fulfilled all the requirements as contemplated under Code. The petition is in order. Therefore the petition is fit for admission. Petition admitted - moratorium declared.
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