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2019 (8) TMI 1729 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors failed to make repayment of its dues - time limitation - HELD THAT:- The Respondent has filed a reply stating that it is admitting the claim of ₹ 1,91,47,151/- made by the petitioner in its petition (Form-1) filed under Section 7 of IBC, 2016. The respondent further admits that the due to some Financial Crises, it was heavily indebted and it was hardly possible to afford and keep up with the financial obligations. In view of admission and the commitment made in the reply, the Corporate Insolvency Resolution Process can be initiated against the Corporate Debtor. This Tribunal perused all the relevant papers and found them to be in order. The prosecution leading to the filing of the present petition has been detailed in the application prescribed under IBBI (Application to Adjudicating Authority) Rule, 2016. The matter is within the purview of Law of limitation - It is apparent from the reply of the Respondent that the payment of claim amount has been defaulted by the Corporate Debtor to the Financial Creditor. The claim stands established and prima facie presumption raised that there is default in payment of the amount due to the Financial Creditor and in view of the reply of the Respondent the debt is admitted by the Respondent - this Tribunal is inclined to initiate the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor as envisaged under the provisions of IBC, 2016. Petition admitted - moratorium declared.
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