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2019 (1) TMI 1960 - 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 has defaulted in making payments of the outstanding dues to the tune of ₹ 23,55,81,656.54p as on 31.12.2017. The calculation of interest can be seen from the documents placed at pages 193 A, 193 B and 193 C of the typed set filed with the Application. The Financial Creditor further supported the claim with the Statement of Account, which is placed at pages 194 to 316 of the typed set filed with the Application. It is reiterated by the Learned Counsel for the Financial Creditor that the Corporate Debtor has filed Balance Sheet for the year 2011-2012, and thereafter, no Balance Sheet has been filed - the Financial Creditor has initiated SARFAESI proceedings by issuing a Demand Notice dated 06.06.2011 under Section 13(2) of the SARFAESI Act, 2002 and followed by the Possession Notice dated 15.09.2011 under Section 13(4) of the SAPFAESI Act against the Corporate Debtor, copies of which are placed at pages 317 to 321 of the typed set filed with the Application. The Learned Sr. Counsel for the Financial Creditor has submitted that the Financial Creditor has also filed Original Application No. 376/2013 against the corporate Debtor before the Debts Recovery Tribunal at Ernakulam, which is pending. The documentary evidence which is placed on the case file is sufficient in order to ascertain the existence of a default on the part of the corporate Debtor. Therefore, in the light of the facts and circumstances recorded, and the legal position stated, the Financial Creditor has fulfilled all the requirements of law, for admission of the Application filed under Section 7 of the I&B Code, 2016 and proposed the name of the IRP. Hence, the Application stands admitted. The commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared.
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