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2019 (9) TMI 1363 - 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:- In view of the fact that the Office of the Corporate Debtor is situated within the territorial jurisdiction of this Tribunal and the sum as claimed by the Financial Creditor as against the Corporate Debtor exceeds ₹ 1 lakh being the prescribed limit fixed under the provisions of IBC, 2016, we are not in a position to entertain this petition and the default is also in existence as evident from the reply of the Corporate Debtor and upon notice issued under SARFAESI by the petitioner and the Corporate Debtor sent a reply and in these circumstances, we are having no hesitation in admitting this petition and unfolding the CIR process. The Insolvency Resolution Professional (IRP) proposed by the Financial Creditor in Part-Ill of the petition has also been filed and as contained in Form -II of (Application to Adjudicating Authority) Rules, 2016 (Page 21 & 22 of the typed set). However, it is seen from the said Form that no disclosure has been made in Clause No.6 of the said Form. However, the IRP proposed by the Financial Creditor is appointed as the IRP to take care of the affairs of the Corporate Debtor. Petition admitted - moratorium declared.
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