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2019 (7) TMI 1715 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial creditor or not - existence of debt and dispute or not - HELD THAT:- It is not disputed that there is a debt which is more than one lakh and the respondent corporate debtor has failed to pay the debt even after the demand. Thus, existence of default is clearly evident - That apart there is no dispute that the applicant comes within the purview of 'Financial creditor'. It is seen that the corporate debtor had availed the loan amount against payment of interest as agreed between the parties. The acknowledgement and the books of account of the respondent itself as well as reply to the demand notice reveals that the loan was disbursed against payment of interest. The loan was taken against consideration for time value of money with a clear commercial effect of borrowing. Moreover, the debt claimed in the present application includes both the component of outstanding principal and interest. In that view of the matter not only the present claim comes within the purview of 'Financial Debt' but also the applicant can clearly be termed as 'Financial Creditor' of the respondent corporate debtor so as to prefer the present application under Section 7 of the Code. It is pertinent to mention here that the Code requires the adjudicating authority to only ascertain and record satisfaction in a summary adjudication as to the occurrence of default before admitting the application - the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been admission of default in payment of the financial debt. Application admitted - moratorium declared.
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