Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (2) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 1505 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - default committed by the Corporate Debtor in making repayment of the Cash Credit, Bills purchase, LC, LG facility availed from the Bank - Remedy in Rem - existence of debt and dispute or not - HELD THAT:- It is a settled legal position that the pendency of SARFAESI proceeding or other disputes do not prevent a Financial Creditor to trigger the C.I.R.P. because the nature of remedy being sought for under the provisions of the I.B. Code is "Remedy in Rem" in respect of the CD. This Adjudicating Authority is satisfied that, the Corporate Debtor availed the loan/credit facilities from the Financial Creditor - Existence of debt is above Rs. One Lac - Debt is due - Default has occurred on 26/10/2011 - petition admitted - moratorium declared.
|