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2019 (12) TMI 1398 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed top make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The Balance Sheet dated 31.03.2016 of Corporate Debtor reflects the liability of ₹ 21,262,499/-against the secured loan in the name of IARC restructuring loan as annexed in Annexure-X. Further, the Corporate Debtor in its reply stated that he has filed the last Balance Sheet for the financial year 2017-18 on 09.09.2019 and not filed the Balance Sheets for the year 2015-16 and 2016-2017. On perusal of the documents filed by the Financial Creditor, it is observed by this Hon'ble Tribunal that the financial statements are true and correct and it appears that futile attempt is sought to be made at the behest of the Corporate Debtor that he had not filed the financial statement for the year 2015-2016 and 2016-2017. Hence, the Corporate Debtor is liable to pay the amount of ₹ 21,262,499/-. Also, it is further observed that the Corporate Debtor and guarantors signed and executed a Balance Confirmation letter confirming a sum of ₹ 2,45,71,976/- was due and payable by the Corporate Debtor to the Financial Creditor as on 31.01.2015. The Corporate Debtor has not replied in its reply for the allegation made by the Financial Creditor regarding execution of Balance Confirmation letter dated 31.01.2015 - It is clear from the letter dated 31.01.2015 that the Corporate Debtor acknowledges and confirms that ₹ 2,45,71976/-was due to the Financial Creditor as on 31.01.2015. Hence, the Corporate Debtor is held liable for the same. The Hon'ble Tribunal, on perusal of the documents filed by the Financial Creditor, is of the view that the Corporate Debtor defaulted in payment of restructured acquired loan and Financial creditor placed the name of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings pending against the proposed resolution professional, therefore, the Application Section 7 is taken as complete and within the limitation. Petition admitted - moratorium declared.
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