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2020 (1) TMI 1231 - 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:- On perusal of the documentary evidence placed on record and the record of default produced by the FCS obtained from the Information Utility, a clear default is ascertainable on the part of the CD viz., Earthcon Universal Infratech Private Limited. This Authority is satisfied that the CD failed to fulfil the obligation under the Debenture Trust Deed and other document executed to guarantee/ secure the repayment of the amount disbursed by the FCS towards the issuance of the NCDs. The defence raised by the CD is nothing but a moonshine. The FC has fulfilled all the requirements for admission of the application and has proposed the name of the IRP viz., Mr. Jitender Arora, whose consent has been sought in Form-2, which is placed on record. There is no disciplinary proceeding pending against the IRP as is evidenced from Form-2. Therefore, the application is admitted. The commencement of CIR Process is initiated, which ordinarily shall be completed within 180 days, reckoning from the day this order is passed Petition admitted - moratorium declared.
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