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2021 (2) TMI 1187 - Tri - Insolvency and BankruptcyMaintainability 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 petition made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of the minimum amount of one lakh rupees as stipulated under section 4(1) of the Code at the relevant time. But on perusal of the master data of the Corporate Debtor it is seen that the Corporate Debtor has given a Corporate Guarantee of ₹ 4,82,42,00,000/-. On further enquiry and on perusal of the financial statements for the financial year 2018-19 of the Corporate Debtor, it has come to light that the net worth of the Corporate Debtor is ₹ 15,36,39,015/-. It is hard to convince oneself that a Company having a networth of ₹ 15,36,39,015/- is not able to make a payment of ₹ 3,00,000/-. It appears that the petition at hand has been filed in collusion with the Corporate Debtor. Petition cannot be admitted and is dismissed.
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