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2019 (3) TMI 1929 - 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 - Dishonor of Cheque - insufficiency of funds - HELD THAT:- The Petition reveals that on 11.05.2018 the Corporate Debtor had defaulted in making repayment to the Petitioner in terms of the Facility Agreements executed by it. In this regard, a meeting was held, wherein the delinquencies under the Facility Agreements were categorically discussed at length, and upon such discussion the Corporate Debtor had admitted to such delinquencies and handed over 4 cheques to the Petitioner amounting to ₹ 1,38,46,268/-. On 08.06.2018, out of the said 4 cheques, the cheque bearing no’s. 152934 and 152935 dated 29.05.2018 were dishonoured and returned with the remark “Funds Insufficient”. And, the cheque bearing no’s. 152937 and 152938 were not presented on the request of the Corporate Debtor due to non-availability of funds - Petition further reveals that on 13.06.2018 the Corporate Debtor had once again admitted its default and reassured that the entire payment under the Facility Agreements would be made at the earliest. Pursuant to the said meeting, on 14.06.2018, the Corporate Debtor had written an e-mail to the Petitioner thereby admitting its default under the Facility Agreements. The Corporate Debtor is liable to pay the Petitioner and defaulted in making the payment to the Petitioner. During the hearing of this matter by this Bench, the Counsel representing the Corporate Debtor accepted the liability as well as default - This Adjudicating Authority, on perusal of the documents filed by the Creditor, is of the view that the Corporate Debtor defaulted in repaying the loans availed and also placed the name of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings pending against the proposed resolution professional, therefore the Application under subsection (2) of Section 7 is taken as complete. Petition admitted - moratorium declared.
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