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2019 (3) TMI 1781 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of dues - existence of debt and dispute - HELD THAT:- The Principal borrower (Orchid Pharma Limited) availed loan of ₹ 191.24 Crores for which this Corporate Debtor stood as guarantor by extending corporate guarantee dated 02.07.2014, thereafter, since the Principal Borrower has not paid the loan amount and gone under CIRP in IBA/206/2019, now this Creditor Bank has initiated these proceedings against this Corporate Debtor, since the Corporate Debtor is falling within the definition u/s 5(8) Clause (i) of the Insolvency & Bankruptcy Code, the financial creditor can proceed against the corporate debtor. On perusal of the material papers placed by this Financial Creditor, this Bench, by looking at the documents furnished, being satisfied that debt and default are in existence and there being no objection from the Corporate Debtor side for this Bench initiating CIRP against the Corporate Debtor, this petition is admitted - petition admitted - moratorium declared.
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