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2018 (1) TMI 1587 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtors failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- The applicant has produced all the required documents for proving that a loan was given to the respondent, bank statement proving the amount given to the respondent, copy of letter issued to the respondent to prove that loan has defaulted by the respondent and that the proposed resolution professional has given written communication that there is no disciplinary proceedings pending against him. So no doubt this application is liable to be admitted. However, respondent being raised contentions that this application is premature and there is suppression of material facts regarding extension of period of loan to March,2018 and that the applicant has no authority to institute an application of this nature let us see whether the said contention raised by the respondent is probable or believable - The applicant has produced copy of board resolution dated 17.11.2017, Annexure- A for proving that applicant Mr. Sanjay Kumar Gupta was authorised to sign on behalf of the applicant company. We do not find any defect in the said document so as to reject it. So it proves that the applicant has got the authority to institute an application of this nature. The applicant being succeeded in proving all the ingredients to be satisfied in an application of this nature this application is liable to be admitted under section 7(5) (a) of l&B,Code - Application admitted - moratorium is declared for the purposes referred to under 14 of the IBC Code. List it on 05.02.2017.
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