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2019 (1) TMI 1943 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- The Corporate-Debtor, in compliance of the stated directions; has furnished its affidavit dated 22.06.2018 making statement on its net-worth as on 31.03.2018. As per the same, the company is in loss of ₹ 437.75 lakhs. It has also furnished the details of it loan availed by the company from Secure and Unsecured creditors and payments due to the operational and sundry creditors, which aggregating to amount of ₹ 44,50,70,942/-; while the company has availed secured loan of ₹ 18,44,19,078/-. It may be seen that the company duly admits about its financial position through its affidavit dated 02.06.2018 stating categorically that, it is facing financial difficulties and now unable to pay its creditors including the operational creditors including the present petitioner the amount due to it. Hence, the present case is fit to initiate the Corporate-Insolvency-Resolution-Process in respect of Corporate-Debtor-Company under Section 9 of the Insolvency and Bankruptcy Code provided if the present application filed by the Operational-Creditor is otherwise found incomplete. The present application is found complete in terms of provision of Section 9 of the IB Code read with relevant Rules of Insolvency and Bankruptcy Application to the Adjudicating Authority Rule, 2016 and hence, the present petition deserves to be admitted for initiation of Corporate Insolvency Resolution Process in respect of Corporate Debtor Company with orders and directions issued. Petition admitted - moratorium declared.
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