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2019 (7) TMI 1716 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dipsute or not - dishonor of Cheque - HELD THAT:- It is no longer res Integra that if there is a debt and default and the application under Section 7 of the Code is complete, Adjudicating Authority is bound to admit the application - In the present case applicant financial creditor has placed on record its bank account statement maintained with Kotak Mohindra Bank, K. G. Marg New Delhi Branch to show that the loan amount of ₹ 1 Crore was disbursed to the respondent company on 31.07.2017. Respondent corporate debtor has not disputed the receipt of the said loan amount. The material on record clearly goes to show that the respondent corporate debtor has committed default in payment of the outstanding loan amount. The fact that there is a debt due to the applicant financial creditor and the respondent corporate debtor defaulted to pay the amount has not been disputed - The Code gets triggered the moment default is of rupees one lakh or more. It is thus evident that there is a debt which is more than 1 lakh and the corporate debtor has failed to pay the debt. 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 default in payment of the financial debt. In terms of Section 7 (5) (a) of the Code, the present application is admitted - Moratorium declared.
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