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2018 (6) TMI 1702 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The financial creditor has filed the rejoinder wherein all the pleas/objections taken by the corporate debtor/guarantor have been controverted and has submitted that since the debt is due and payable, and the same is not interdicted by some law, the same is payable and it is of no matter that the debt is disputed so long as the debt is due - the record/evidence that has been mentioned is sufficient to ascertain the existence of default on the part of the corporate debtor/guarantor. On the issue that there is no sanction/approval of RBI due to which the "corporate guarantee" in question is not enforceable is stated to be wholly vague and baseless because as per article 3 of the loan agreement, the corporate debtor/guarantor assured the financial creditor of its ability to provide such guarantee in accordance with the applicable law and regulations. Therefore, the corporate debtor/guarantor cannot hide itself behind its own failure to obtain any required approval to wriggle out of its liability or consequences of default - further, the failure on the part of the corporate debtor/guarantor to obtain such approval, does not impinge upon the validity of the guarantee issued. The application of the financial creditor is complete in all respect - application admitted - moratorium declared.
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