Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 1412 - 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 - Time Limitation - HELD THAT:- In the present case, the occurrence of default is evidenced by the details furnished by the Petitioners/Financial Creditors including the record of financial information - Form C issued by NeSL in respect of the debt of the Corporate Debtor attached at Page 147-148 of the petition and the Bank Statements of Petitioners/Financial Creditors found at Page 272-292 of the Petition. Time Limitation - HELD THAT:- The transaction involving the defaulted amount dates back to 04.01.2020 (Form C) and the instant petition is filed on 31st January 2022. Therefore, the petition has been filed within the period of limitation. The application filed in the prescribed Form No.1 is found to be complete - the present petition being complete and having established the default in payment to the Financial Debt for the default amount which is above 1,00,000/-, the petition is admitted in terms of Section 7 (5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the code - petition allowed.
|