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2019 (10) TMI 1473 - NATIONAL COMPANY LAW TRIBUNAL, ALLAHABADMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- This Adjudicating Authority finds that the loan agreement was executed jointly by Sarvhit Trust and V.A.M. Resorts & Hotels Pvt. Ltd. and Emm Vee Infrastructures (India) Pvt. Ltd. who is the corporate Debtor before this Adjudicating Authority and no where in the agreement, it is mentioned that the loan was not granted to the Corporate Debtor and was given to the trust and Emm Vee Infrastructures (India) Pvt. Ltd.. So, on the basis of the given documents, it can be safely said that there is no force, in the contention raised on behalf of the Corporate Debtor that the loan was not granted to him rather granted to Sarvhit Trust and Emm Vee Infrastructures (India) Pvt. Ltd. Time Limitation - HELD THAT:- It is matter of record, as per record of the financial creditor account of the corporate debtor was declared NPA on 11.11.2016 and Applicant/Financial Creditor has filed this application on 27.09.2018, which is within the limitation period. The application filed on behalf of financial creditor/Applicant under Section 7 of IBC is found complete and it is within limitation. It further appears that there is default in non-payment of the debt owed by the corporate debtor, which is more than Rs One Lakh to trigger the CIRP against the Corporate Debtor and the applicant has annexed sufficient documentary evidence to show that there is default on behalf of the corporate debtor. Therefore, application filed U/S 7 of IBC deserves to be admitted. Application admitted - moratorium declared.
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