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2017 (12) TMI 1849 - NATIONAL COMPANY LAW TRIBUNAL AHMEDABADMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- A perusal of the petition show that it is complete in all respects. The documents show that financial debt is due from the Corporate Debtor and there is occurrence of default. In fact, even in the reply filed by the corporate debtor it has not denied the liability or the occurence of default. Moreover, Financial Creditor issued notice under section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, recalling the entire loan facilities. There is no tenable objection filed by the Corporate Debtor in the reply. Pendency of proceedings before the Debt Recovery Tribunal, Ahmedabad is not a ground for not commencing Insolvency Resolution Process in view of the fact that the provisions of the Code is having overriding effect over any other Law. This petition deserves to be admitted and it is accordingly admitted under section 7 (5) of the Code.
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