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2019 (10) TMI 1295 - NATIONAL COMPANY LAW TRIBUNAL — PRINCIPAL BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The petitioner-financial creditor had disbursed money to the respondent-corporate debtor. It is accordingly held that the respondent-corporate debtor has committed default in repayment of the outstanding financial debt which exceeds the statutory limit of rupees one lakh. Thus, the petition warrants admission as it is complete in all respects. After a conjoint reading of the aforesaid provision along with rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the application under sub-section (2) of section 7 is complete. The name of the IRP has been proposed and there are no disciplinary proceedings pending against the proposed interim resolution professional. Petition admitted - moratorium declared.
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