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2019 (9) TMI 1660 - Tri - Insolvency and BankruptcyMaintainability of application - inability of Corporate Debtor to liquidate its financial debt - Financial creditors - NPA - pendency of alternate proceeding under SARFEASI - existence of debt and dispute or not - barred by time limitation - HELD THAT:- The Corporate Debtor vide its letter dated 12.12.2018 approached the Financial Creditor for one time settlement of an amount of Rs. 15 Crore, thereby admitting its default, there is a finding that there is a continuous cause of action. As per the averments of the petition no payment has been made by the Corporate Debtor after the default occurred in June, 2015 and as on date 27.11.2018, an amount of Rs. 46,63,35,337.31/- is due and outstanding. The present petition being filed in January 2019 is within limitation, being within three years from the date of the cause of action. Further even though an attempt was made on the part of the Corporate debtor to project certain inconsistencies in relation to claim amounts, however it is seen that the amount in default in excess of Rs 1,00,000/- being the minimum threshold limit fixed under IBC, 2016. Considering the circumstances this Tribunal is inclined to admit this petition and initiate CIRP of the Respondent. Petition admitted - moratorium declared.
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