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2020 (2) TMI 1555 - NATIONAL COMPANY LAW TRIBUNAL, CUTTACK BENCHMaintainability of application - initiation of CIRP - Dishonor of cheque - Corporate Debtor failed to make repayment of its dues - Operational Creditors - HELD THAT:- The respondent states that they are unable to meet the financial liability in the 44th Annual Report of the Corporate Debtor of the year 2018-2019. It has been stated that "the possession of all the Assets of the Company, charged to the Financial Institutions/Bank to secure the financial assistance granted to the Company viz., Plant and Machinery, movable assets and Land and Building at Bilaspur and Shahadra had been taken over by Stressed Assets Stabilization Fund (IDBI) on 20.01.2006 and by Punjab National Bank on 24.01.2006 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002". The respondent company categorically submitted that they are unable to meet the financial requirements of the company. The application is admitted - moratorium declared.
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