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2021 (3) TMI 1304 - 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:- There is no dispute as to the financial debt was payable more than ₹ 1,00,000/- lacs and the Corporate Debtor committed default in paying the same. These are only two facts sufficient for considering the application under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor raised technical defence that Proprietary concern cannot be filed an application under IBC 2016. However, now Hon’ble NCLAT in the case of Neeta Saha v. Ram Niwas Gupta [2020 (2) TMI 1442 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] has held that Proprietary concern being creditor can initiate Corporate Insolvency Resolution Process against the Corporate Debtor, so this technical defence is not maintainable. Another defence taken was that the Certificate of Information Utility is not produced, however, law does not mandate to produce such Certificate, law requires from the Financial Creditor to produce evidence of the debt and default by the Corporate Debtor, where in this case evidence is produced. Financial Creditor proved that the Corporate Debtor committed default in paying the financial debt of ₹ 37,10,972/-. hence, required to be admitted into Corporate Insolvency Resolution Process. The application is otherwise complete and defect free - Application allowed - moratorium declared.
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