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2022 (12) TMI 1386 - Tri - Insolvency and BankruptcyMaintainability 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:- It is evident that the debt is due and payable and default has occurred. The present application is complete in terms of Section 7(5) of the Code and is within limitation. The applicant is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt. In light of the facts and records the present application is admitted and CIRP is ordered to be initiated against corporate debtor. As a consequence of the application being admitted in terms of Section 7(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Corporate debtor, prohibiting actions as per clauses (a) to (d) of Section 14(1) of the Code.
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