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2019 (1) TMI 1889 - NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The respondent’s contentions raised in the Affidavit in reply are short of any merit. The existence of debt is clear from Loan agreements and various documents relating mortgage deed, hypothecation deed, certificate of creation of charge, guarantee agreements, both corporate as well as a personal, and the promissory note which are undisputed - The Petitioner has proved the existence of debt as well as the default. The Application under sub-section (2) of Section 7 of IBC, 2016 is complete. The existing debt of more than one Rs lac against the corporate debtor and its default is also proved. Accordingly, the petition filed U/S 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency process against the corporate debtor deserves to be admitted - Petition admitted - moratorium declared.
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