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2021 (9) TMI 1395 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - time limitation - Corporate Debtor contends that account of the Corporate Debtor was declared NPA on 15.04.2011, whereas the present application is filed on 25.11.2019, the limitation period ended in 2014 - application is beyond the limitation period and the application is barred by Article 137 of the Limitation Act or not - HELD THAT:- Corporate Debtor having submitted OTS proposals on 19.09.2018, 09.11.2018 and 15.07.2019, cannot afford to make such submission. Besides, the Corporate Debtor had entered into Restructuring Package Agreement dated 19.12.2015. Unpaid interest converted into loan - HELD THAT:- Since the Corporate Debtor could not pay the interest and it was at the request of the Corporate Debtor enhanced credit facilities were granted while continuing restructuring scheme, the Corporate Debtor cannot raise such contention. Existence of debt and Dispute or not - HELD THAT:- Existence of debt and default has duly been established by the above documents albeit the Corporate Debtor has opposed the same without substantial evidence - the Corporate Debtor tried to raise contentions like lack of cooperation from the Financial Creditor in assignment of debt and that the Financial Creditor has filed proceeding before the Debt Recovery Tribunal, Hyderabad, the amounts claimed before the Debt Recovery Tribunal and the amounts claimed before this Adjudicating Authority do not match. Such contentions have no bearing before this Adjudicating Authority in the matter of considering this application under section 7 of the I & B Code, 2016. At the time of admission of the petition filed under section 7 of the I & B Code, the Tribunal has to consider whether there is debt and default. Petition admitted - moratorium declared.
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