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2020 (1) TMI 1392 - NATIONAL COMPANY LAW TRIBUNAL , INDORE BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - time limitation - HELD THAT:- It is found, that the Petitioner Bank has submitted the documents duly executed by the Corporate Debtor and Guarantors along with a Certificate under the Banker's Book of Evidence Act, 1891, in support of their IB Petition for initiation of C.I.R.P. - The Term Loan was sanctioned and released by the Petitioner Bank and the same was availed by the Corporate Debtor, SRK Devbuild Private Limited. The CD has defaulted in making repayment of the Term Loan to the Petitioner Bank and the date of default is 31/05/2016. The Statement of accounts submitted by the applicant Bank confirm the default committed by the Corporate Debtor - The last payment to the loan was came on 31/05/2017. The OTS proposal was executed on 26/05/2017 but the same was not honoured by the Corporate Debtor - The Petitioner Bank has filed the petition on 02/08/2018 which is within the period of limitation. Considering the material, papers filed by the Petitioner and the facts mentioned, this Adjudicating Authority is satisfied that, (a) The Corporate Debtor availed loan facilities from the Financial Creditor (AU SMALL FINANCE BANK LIMITED). (b) Existence of debt is above Rs. One Lac; (c) Debt is due; (d) Default has occurred on 31/05/2016 (e) Petition has been filed within the limitation period; (f) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Petitioner Bank Under Section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The present IB Petition is admitted.
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