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2018 (6) TMI 1764 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Financial Creditor has also initiated SARFAESI Proceedings against the Corporate Debtor by issuing Demand Notice - existence of debt and dispute or not - HELD THAT:- The loans were recalled and further reassigned to ARCIL vide Assignment Agreement dated 28.03.2014, and in their opinion, the Company has defaulted in repayment of its dues, the details of the principal and interest amount are also recorded in the said para of the Annexure. The Auditors' report along with its annexure is placed at pages 251 to 274 of the typed set filed with the Application. This clearly establishes that the Corporate Debtor has defaulted in making payment to the outstanding debt due to the Financial Creditor - the Counsel has admitted the liability of the Corporate Debtor with regard to the debt claimed. However, the Counsel for the Corporate Debtor did not place any authentic document on record to substantiate her objection. Therefore, the objections raised by the Counsel for the Corporate Debtor stand rejected. This Authority has ascertained the existence of a default on the part of the Corporate Debtor. The Financial Creditor has fulfilled all the requirements of law and has also proposed the name of IRP after obtaining his written consentin Form-2. Therefore, is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared.
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