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2019 (9) TMI 1602 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor defaulted to make repayments of the loan in accordance with the terms of the Loan Agreement - Financial creditors - existence of debt and dispute or not - HELD THAT:- On due perusal of the documents annexed, the Debt is to be qualified as “Financial Debt” as defined under section 5(8) of Insolvency & Bankruptcy Code, 2016. As a result, the Financial Creditor has filed this Application for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. Facts and circumstances have also established the “Default” on the part of the Debtor Company. Since this is a Petition of “Financial Creditor”, therefore, the Insolvency Process shall commence as prescribed under Section 7 of I&BC, 2016. Application admitted - moratorium declared.
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