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2020 (1) TMI 1615 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Existenc eof debt and dispute or not - HELD THAT:- The restructuring proposal vide letter dated 03.02.2017 regarding settlement of its outstanding debt was sent by the Respondent. Subsequently vide letter dated 13.02.2017 the petitioner approved restructuring of debt of the Respondent. The total lability which was determined by way of restructuring was to be paid in four tranches i.e. (i) Rs. 10,00,000/- on the approval, (ii) Rs. 11,00,000/- on 25.03.2017, (iii) Rs. 62,67,085/- on 15.06.2017 and (iv) Rs. 75,86,471/- on 15.09.2017. The instalment which fell due on June 15, 2017 was not cleared within the default period i.e. 30 days as stipulated in clause 10 of the restructuring letter. As a result, restructuring dated 13.02.2017 was revoked by the Petitioner and a letter of revocation was issued to the Corporate Debtor. It is pertinent to note that in any case we are not to determine the amount of unpaid debt (default) and it shall be open for determination by Committee of Creditors. After a reading of Section 7 of the Code along with Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete. The IRP proposed does not have any disciplinary proceedings pending against him. Petition admitted - moratorium declared.
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