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2021 (10) TMI 1352 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATAMaintainability of application - initiation of CIRP - Financial Service Provider/Srei Infrastructure Finance Limited (SIFL) - SIFL has committed defaults of significant amount in relation to the financial debt availed by it from various financial creditors - Existence of Debt and dispute or not - time limitation - HELD THAT:- The documents placed on records prima facie prove that there has been a default and that the sum involved in such default is in excess of the threshold limit of one crore rupees prescribed at present under section 4(1) of the Code. Moreover, since the sanction letters are in the year 2018 onwards and date of default from November 2021, the petition is not hit by limitation. This is a fit case for initiation proceedings under section 227 read with rule 5 of the Rules ibid, since the debt in question qualifies as financial debt under section 5(8) read with section 3(11) of the Code - The Petition made by the Reserve Bank of India is complete in all respects as required by law. It clearly shows that the Respondent/FSP is in default of a debt due and payable, and the default is more than the minimum amount as stipulated under section 4(1) of the Code. Therefore, the default stands established and there is no reason to deny the admission of the Petition. Petition admitted - moratorium declared.
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