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2021 (2) TMI 1188 - 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:- Admittedly, there is an outstanding debt which is more than ₹ 1 lakh being the minimum at the relevant time for filing of an application under Section 7 of IBC, 2016. The debt is due and payable to the Financial Creditor by the Corporate Debtor has committed default in repayment. The first acknowledgement of debt is well within the original period of limitation from the date of default. Second confirmation/acknowledgement also extends the limitation for filing this application. Thus, the debt is not barred by limitation. The application is otherwise complete and compliances with the requirements of IBC, 2016 r.w. IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - Application admitted - moratorium declared.
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