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2019 (10) TMI 1306 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The Corporate Debtor reported no objection for starting CIRP by admitting the petition. The Petition is well within the Limitation. The account of the Corporate Debtor is treated as NPA from 31.12.2016 by the Financial Creditor. Debt due and default or not - HELD THAT:- Hon 'ble Apex Court held in Innoventive Industries Ltd vs. ICICI Bank and Ors [2017 (9) TMI 58 - SUPREME COURT] that "The moment the Adjudicating Authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the Applicant to rectify the defect within 7 days of receipt of notice from the Adjudicating Authority" - The Corporate Debtor admitted the default. The present petition is well within the Limitation. The Petition is in order. The petition is complete and therefore deserves to be admitted. Petition admitted - moratorium declared.
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