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2019 (8) TMI 1598 - 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 Financial Creditor has stated that as on 31.07.2018, ₹ 33,00,000/- as principal amount and ₹ 3,90,576/- as interest amount is due and payable by the Corporate Debtor to the Financial Creditor. The Financial Creditor has stated that the short-term loan and an amount of ₹ 33,00,000/- was disbursed by the Financial Creditor to the Corporate Debtor - It is clear from ICICI Bank's letter dated 24.08.2018 which stating that the Cheque No. 000780 dated 31.07.2018 for ₹ 33,00,000/- and Cheque No. 000161 dated 31.07.2018 for ₹ 3,90,576/- drawn on HDFC Bank in favour of Vidarbha Diagnostics Pvt. Ltd. Which were deposited in to the account of the Financial Creditor is returned unrealised in clearing on 24.08.2018 with reason as fund insufficient. It is also noted that the Corporate Debtor has admitted the liability by the letters dated 06.08.2018 and 14.08.2018 and seeking time for payment. The affidavit in reply of the Corporate Debtor the statement of the counsel appearing on behalf of the Corporate Debtor to the effect that the Corporate Debtor admits the liability and is not in position to repay the debt, also establishes the existence of debt and default - application made by the Financial Creditor is complete in all respects as required by law, and it clearly shows that the Corporate Debtor has not paid the dues and this has also been confirmed by the Corporate Debtor. This Petition reveals that there is a debt as defined in section 3(11) of IBC; there is a default within the meaning of section 3(12) of IBC; the application of the Financial Creditor is complete; an amount of more than Rupees One Lakh is due and payable and in default and no disciplinary proceedings are pending against the proposed resolution professional. Therefore, this petition deserves to be admitted. Application admitted - moratorium declared.
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