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2019 (4) TMI 2002 - 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:- As per provisions of Section 7 of the Code, the Adjudicating Authority has to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor and thereafter, if default in question has occurred, application filed is complete, there are no disciplinary proceedings against proposed Resolution professional, the Adjudicating Authority has to admit within 14 days or default has not occurred or the Application under sub-section (2) is incomplete or any disciplinary proceedings is pending against the proposed resolution professional, it may, by order, reject such application after giving 7 days to rectify the defects. Since the instant Petition/Application satisfy the conditions for admission, the Tribunal has granted sufficient opportunity to the respondent to put forth their defense. However, the Respondent has raised untenable pleas by reiterating to grant them further time to settle the outstanding amount and the same was considered by the Petitioner and passed a speaking order dated 22.3.2019 rejecting the case of the Respondent. Admittedly there is a debt and default for total amount of ₹ 18,63,07,555.37/- for which the petitioner filed statement of Accounts at page 126 to 140 And the Petition is filed in accordance with provisions of the code - the instant case is a fit case to admit by initiating CIRP as prayed for. Petition admitted - moratorium declared.
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