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2018 (1) TMI 1602 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - financial debt - existence of debt and default - HELD THAT:- It is established by the Financial Creditor that the nature of Debt is a ‘Financial Debt' as defined under section 5 (8) of the Code. It has also been established that admittedly there is a ‘Default' as defined under section 3 (12) of the Code on the part of the Corporate Debtor. On the basis of the evidences on record the Applicant Financial Creditor has established that the loan was sanctioned and duly disbursed to the Corporate Debtor but there is non-payment of Debt on the part of the Corporate Debtor - Further, the Debtor has itself filed an Application U/s. 10 of the Code wherein admittedly the Debtor recognises the Applicant herein as the ‘Financial Creditor’ of the Debtor and also that there is Default in the repayment of Debt from the Debtor's side. Hence. Default has been established by the Debtor only. Petition admitted - moratorium declared.
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