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2022 (4) TMI 1411 - 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 dues of the Corporate Debtor is above Rs.1 lakh and the CD had admitted the default in making payment to the Financial Creditor and the only dispute is the rate of interest that the CD is liable to pay to the Financial Creditor. The order of the Hon’ble High Court of Madras has restrained the creation of any third party interest in respect of the properties of the Corporate Debtor. It will not prevent this Adjudicating Authority from entertaining this application for proof of debt and default. The debt and default is clear. Thus, the Application filed by the Financial Creditor is required to be admitted under Section 7 (5) of the IBC, 2016. Application admitted - moratorium declared.
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