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2018 (8) TMI 1971 - 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:- This petition is filed by the Authorized Representative of Bank. It is under Section 7 of the 1B Code hence there is only to verify whether there is debt and its default being committed by the Corporate Debtor. The Financial Creditor produce on record copy of term loan agreement, copy of deed of mortgage of immovable property held by the Promoters of the Corporate Debtor the copy of letter of sanction of cash credit facility to the Corporate Debtor. All these documents unequivocally show that the Financial Creditor has granted and disbursed the loan to the Corporate Debtor and at a time of filing of this petition there is default in paying total sum of ₹ 42,40,76,787.43/- inclusive of interest - the Corporate Debtor is unable to pay the dept as above and hence Corporate Insolvency Resolution Process required to be started against them. Application admitted - moratorium declared.
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