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2018 (1) TMI 1696 - 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:- By the admission of the corporate debtor, it is undisputed that corporate debtor has taken various financial credit facilities from the applicant-financial creditor and has withdrawn money from the financial creditor. By certified copy of the statement of account, Annexure 74, clearly shows that up to 30/9/2017 total amount of Rs.975,27,33,040.53 was due from the corporate debtor. Applicant/financial creditor has also filed Reserve Bank of India ‘s willful defaulter’s list annexed with the application as Annexure 77 - Corporate debtor has not raised any objection regarding default amount i.e. Rs.975,27,33,040.53. In spite of recalling the loan, the corporate debtor has failed to make payment and thereby committed default. Petitioner has filed this application in the proper format as prescribed in I & B Code and Adjudicating Authority Rules which is complete. The petition filed by the financial creditor under Sec.7 of the Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process and declare a moratorium and public announcement as stated in Sec.13 of the IBC, 2016.
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