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2019 (9) TMI 1377 - 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 CD has defaulted in making repayment of loan/CC to the petitioner-bank and the date of default is January 5, 2014. The statement of accounts and the CIBIL reports submitted by the applicant-bank confirm the default committed by the corporate debtor - The petitioner-bank has filed the petition within the period of limitation, as the date of mortgage of the property is November 18, 2010, the SARFAESI proceeding initiated in 2014, the Debts Recovery Tribunal proceedings started in 2017, one-time settlement (OTS) revised offer (from ₹ 12 crores to ₹ 14.56 crores) letter dated June 1, 2016 was submitted by the corporate debtor to the applicant-bank and the credits have come into the loan accounts on March 31, 2017. The present IB petition is filed by duly authorised official of the petitioner-bank in a prescribed format under section 7 of the I and B Code annexing copies of loan documents confirming the existence of debt default and proposed a name of resolution professional to act as an interim resolution professional (IRP). This Adjudicating Authority is satisfied that,- (a) the corporate debtor availed of the loan/cash credit from the petitioner ; (b) existence of debt above rupees one lakh ; (c) debt is due ; (d) default has occurred on November 5, 2014 ; (e) the petition had been filed within the limitation period ; (f) copy of the application filed before the Tribunal has been sent to the corporate debtor and the application filed by the petitioner-bank under section 7 of the IBC is found to be complete for the purpose of initiation of the corporate insolvency resolution process against the corporate debtor-company. Hence, the present IB petition is admitted with certain directions/ observations - The date of admission of this petition is September 20, 2019.
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