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2018 (6) TMI 1763 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - shares of the Financial Creditor in M/s. Sun Networks Private Limited came to be pledged to India Bulls for the loans availed by the Corporate Debtor - existence of debt and dispute or not - HELD THAT:- It is an admitted fact that the shares of the Financial Creditor in M/s. Sun Networks Private Limited came to be pledged to India Bulls for the loans availed by the Corporate Debtor. As per the agreement between the Financial Creditor and the Corporate Debtor and the Corporate Guarantor, the amount realized by India Bulls and on the sale of shares came to be treated as loan by the Financial Creditor in the books of account of the Corporate Debtor - It is also an admitted fact that the Corporate Debtor failed to repay the loan amount as per the agreements entered into between the Financial Creditor and the Corporate Debtor. The Corporate Debtor in turn admitted that it has no financial wherewithal to pay off the liabilities. The Corporate Debtor has also accepted that Arbitral Award is in existence and also accepted its inability to pay its debts. The Petition as the Applicant has made out a case and the petition is admitted and it is also satisfied that the Adjudicating Authority in admitting the Petitions. It is also proved that there is a debt due payable by the Corporate Debtor/Respondent 1 and both the Corporate Debtor (R-1) and Corporate Guarantor/Respondent 2 have defaulted in making the payments. Petition admitted - moratorium declared.
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