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2019 (6) TMI 1525 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor failed to make repayment of its dues/loan - existence of debt and default or not - HELD THAT:- The Financial Creditor-Bank has succeeded to establish a case for triggering the Corporate Insolvency Resolution Process. The Financial Creditor has placed various documents in relation to the disbursement of different kinds of loan to the Respondent Company. The materials on record and the loan documents clearly depicts that the loan was sanctioned, disbursed and the loan agreements were properly executed. Respondent company utilized and enjoyed the loan facilities. Apart the other documents the Financial Creditor has relied upon the letters of respondent company confirming creation of mortgage by deposit of title deeds in order to secure the loan - In addition, the Financial Creditor has filed the relevant statement of accounts duly certified in accordance with Banker's Book Evidence Act, 1891 as per the requirement of Form 1 Part V Column 7 of the application. A true copy of statement of accounts submitted by the Financial Creditor pertaining to various loan facilities, kept during the course of banking business, basing on which the claim has been raised, can be termed as sufficient evidence of the financial debt. Application admitted - moratorium declared.
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