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2020 (2) TMI 1439 - 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 - Financial Creditors - HELD THAT:- As per Memorandum of Association of the Corporate Debtor (Annexure A8) the main objects of the Corporate Debtor are ‘to carry on the business of purchase, sale, import, export, process and manufacture of food products in the form of packaged foods and beverages, ready to cook and ready to eat foods and snacks and other consumer food products - The Corporate Applicant submitted that the total term loan sanctioned was ₹ 64,850 lakhs from KSIDC. The Corporate Debtor made defaults in repayment of ₹ 27.02 Lakhs due from 05.05.2014 to 05.02.2019 of ₹ 540.40 lakhs. The Corporate Debtor also defaulted in payment of interest of ₹ 457.37 lakhs due from 30.09.2014 to 31.03.2019 on account of cash loss incurred during the period - Corporate Debtor also furnished Sanction Letter and Default Letter issued by the KSIDC (Annexure A-2) and the unaudited financial Statements for 2019-2020 along with audited financial statements for 2017-2018 and 2018-2019 as a proof of existence of Operational Creditors and to establish the Financial Condition of the Corporate Debtor. Considering the above submissions this application deserves to be admitted - In view of the fact that the Financial Creditor has no objection in admitting this Application, the application is Admitted. While admitting the application the moratorium is declared - petition allowed.
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