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2019 (3) TMI 1778 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - debt due and payable - existence of default or not - HELD THAT:- The Tribunal observes that there is a debt due and payable by the Corporate Debtor and that a default has occurred for which the Corporate Debtor was liable to pay. Therefore, the Applicant Bank has established that the amount in default committed by the Corporate Debtor is a fact and it is supported by the documentary evidence placed before this Adjudicating Authority. In the present case, by not replying to the classification of Corporate Debtor's account into an NPA, sent by the Financial Creditor, and by not filing an affidavit in reply to this petition for contesting its liability, the Corporate Debtor has admitted its liability. Moreover, there is an acknowledgement of the Corporate Debtor for admission of its liability on record. The Corporate Debtor has not placed any material to prove the claims made in its reply notice dated 02.06.2018. As long as there is a Debt and a Default occurred this Bench hereby holds that it is a fit case for admission - Application admitted - moratorium declared.
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