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2019 (4) TMI 1999 - 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 - time limitation - HELD THAT:- The IBC shall have effect not withstanding anything in consistent therewith contained in any other law for the time being in force including DRT Act, 1993; SARFAESI Act, 2002, money suit etc. The petition therefore filed by the Financial Creditor cannot be rejected on the two grounds raised by the Corporate Debtor. Before admitting the Petition filed under Section 7 of IBC, the Tribunal has to see whether there is a debt due and if it is in default. Honble Apex Court held in "Innovative Industries Ltd Vs. ICICI Bank and Ors [2017 (9) TMI 58 - SUPREME COURT] that 'The moment the Adjudicating Authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the Applicant to rectify the defect within 7 days of receipt of notice from the Adjudicating Authority". The Corporate Debtor admits default. The petition is complete and therefore deserves to be admitted. Petition admitted - moratorium declared.
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