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2019 (10) TMI 1284 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - time limitation - HELD THAT:- The conditions required under section 7, when this Adjudicating Authority shall consider the case of the applicant, then, found that the financial creditor has fulfilled all the three conditions, which are required to trigger the provision contained under section 7 of the IBC. In other words, the financial creditor has successfully proved that there is a financial debt and there is default in the payment of the debt by the corporate debtor, which has been corroborated by the documents filed by the financial creditor. The application on behalf of financial creditor/applicant under section 7 of the IBC is complete. It further appears that there is default in non-payment of the debt owed by the corporate debtor, applicant has annexed sufficient evidence to show that there is default on behalf of the corporate debtor. Application admitted - Moratorium declared.
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