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2019 (9) TMI 1424 - 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:- The debt became final when an Award dated 18.05.2016 was passed by the Arbitral Tribunal vide C.M.P. No. 55/2012. Therefore, there is no dispute with regard to the alleged amount. The contention that the Corporate Debtor is not responsible for payment of the Arbitral Award is not at all tenable. The award empowers the Financial Creditor to recover the Award amount from the Respondent. The Corporate Debtor is also given sufficient time for repayment in the light of the debt and default apparent on the facts of the record. However, the Corporate Debtor is failed to avail the opportunity. The instant Company Petition is filed in accordance with law and the debt and default admittedly are not in dispute. Petition admitted - moratorium declared.
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