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2019 (5) TMI 1925 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Initiation of CIRP of the Corporate Debtor by IDBI Bank (Financial Creditor) or not - the controversy about the title of the Pipe Line is still to be resolved in between the Corporate Debtor and ESIL - default of debt of the Financial Creditor more than ₹ 1,00,000/- or not - HELD THAT:- The defence as appears from pleadings is that the amount is not due because issue of title of Pipe Line is still sub judices. I hold that such defence is not acceptable at all. The Corporate Debtor having availed the financial assistance/loan from the Corporate Debtor cannot deny to repay the same on the ground that the assets which were mortgage to the Bank are not belong to them etc. It is true that the Officers of the IDBI Bank ought not to have granted such a huge loan on the basis of such disputed assets which may be or may not belong to the Corporate Debtor. But the Bank (i.e. Financial Creditor) being a trusty of public money and only due to some incorrect decisions of top Officers, the Bank as a whole cannot be made to suffer. It is brought to notice that the Financial Creditor's claim is now being considered by the RP/CoC in the proceeding against the ESIL pending before the Adjudicating Authority at Ahmedabad. Be that as it may one fact is certain that IDBI Bank cannot file the same claim before the different Authorities but as on today there is nothing on record to show that IDBI's claims has been considered by the RP in that proceeding. Be that as it may in this case IDBI Bank has proved both crucial facts i.e. they owned financial debt against the Corporate Debtor and the Corporate Debtor committed default in paying the debt. The application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Odisha Slurry Pipeline Infrastructure Limited is hereby admitted - moratorium declared.
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