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2019 (8) TMI 1503 - 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:- From the application and the documents placed on record by the Financial Creditor particularly the Bank statements which indicate that part of the amount of loan was paid by the Corporate Debtor till 29th July, 2017 but the default had occurred in respect of ₹ 7,54,68,438/- as on 30th September, 2018 and the total amount due from the Corporate Debtor in respect of the 5 (Five) Companies for which the Corporate Debtor had stood as Corporate Guarantor made the total outstanding to the tune of ₹ 19,04,12,812.21p. which the Corporate Debtor has failed to pay in terms of the agreement and sanction letter. The Bank however has further secured its loan by creation of equitable mortgage of the immovable properties of the Company including land. The Financial Creditor has successfully proved that the amount outstanding has not been paid as per the agreed terms by the Corporate Debtor and a default has in fact occurred which prompts us to admit the petition which is otherwise completed - Application admitted - moratorium declared.
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