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2019 (7) TMI 1612 - NATIONAL COMPANY LAW TRIBUNAL — CHENNAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of dispute or not - HELD THAT:- The corporate debtor has fairly admitted that the corporate debtor is not in a position to make the payment of the outstanding debt and prayed to pass an appropriate order. Thus, there is a clear admission of the outstanding debt - The documentary evidence which is placed on the case file is sufficient in order to ascertain the existence of a default on the part of the corporate debtor. Therefore, in the light of the facts and circumstances recorded, and the legal position stated, the financial creditor has fulfilled all the requirements of law, including the name of the resolution professional for appointment as IRP - Hence, the application stands admitted, the commencement of the corporate insolvency resolution process is ordered, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared.
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