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2019 (3) TMI 1938 - 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 - HELD THAT:- The Corporate Debtor defaulted on the coupon payments payable by the calendar quarter ending 30.06.2018 which resulted into default in terms of the Debenture Trust Deed - As this being resulted into default, this Co-Applicant as a Debenture Trustee on 07.08.2018 issued notice to the Corporate Debtor quantifying the default committed by the Corporate Debtor and demanding the Corporate Debtor to forthwith make coupon payments due to the Financial Creditor. Since no payment has come from the Corporate Debtor by calendar quarter ending 30.06.2018, initially the Co-Applicant as the debenture Trustee issued a notice on 07.08.2018 to the corporate debtor calling upon the debtor to clear the dues, as no payment has come, these applicants have filed this application making a claim of ₹ 8,51,35,527.41 for initiation of CIRP. As against the claim made by the Financial Creditor, the counsel appeared on behalf of the Corporate Debtor has not raised any objection for initiation of Corporate Insolvency Resolution Process because the Corporate Debtor is not in a position to pay the amount as stated in the Debenture Trust Deed executed by the Corporate Debtor, this Bench, having gone through the documents and being satisfied of the material disclosing existence of debt and default, hereby admits this Company Application. Petition admitted - moratorium declared.
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