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2019 (11) TMI 1476 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - Financial Debt of not - Financial Creditor or not - HELD THAT:- A Petition is filed in the capacity of a 'Financial Creditor' for a 'Financial Debt' of ₹ 9,33,30,086.48/- recoverable from the Corporate Debtor-Hindustan Newsprint Limited. Whereas, the Corporate Debtor in their counter argument did not state that they have not availed any loan or the due amount do not fall within the definition of Financial Debt. Instead they have mentioned that the parent company is under liquidation as per the Order of NCLT, New Delhi dated 02.05.2019. The present application filed by the financial Creditor is satisfying all the definitions of "Financial Creditor", "Default" and "Financial Debt" and qualifies for filing an application under Insolvency and Bankruptcy Code - Therefore, except the Financial Creditor and Corporate Debtor, there is no requirement of hearing a third-party including Intervener at the stage of admission. There is an urgent need to find a resolution to the long pending saga of Hindustan Newsprint Limited. - the application filed on behalf of financial creditor/ Applicant is complete. Therefore, the application filed under Section 7(5)(a) of the I & B Code, 2016 deserves to be Admitted. Application admitted - moratorium declared.
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