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2019 (6) TMI 1562 - 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:- All the requirements to be meted out under Sub Section 3 of Section 7 of the Code have been complied with by the FC. The loan sanction letters (Annexure l-L and l-M) along with acknowledgement of liability/debt dated 03-02-2016 (Annexure l-AX and l-AY) prove that the amount claimed by the FC is still due. In order to prove that the CO has committed default, the FC has produced CIBIL report (Annexure l-AAB) and copies if statement of bank account (Annexure l-AZ-1 & l-AZ-2). To prove that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional, the applicant/FC has also produced Form -2 [Annexure II and II (a)]. Reference to Form-2 proves that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional. All the information required for maintaining an application filed under Section 7 of the Code are meted out by the FC. Though, the FC is a member of the consortium banks lent money to the CD, consent of the joint lenders in filing an application of this nature by the members of the consortium banks is not at all a requirement to be meted out in a case of this nature. The FC being succeeded in proving all elements required to admit the application of this nature, this application deserves to be allowed. Petition admitted - moratorium declared.
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