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2018 (4) TMI 601 - Tri - Insolvency and BankruptcyCorporate insolvency resolution process - existence of outstanding debt - Held that:- Financial creditors extended financial assistance in the form of Inter Corporate Deposits to the corporate debtor. The corporate debtor has duly acknowledged receipt of such Inter Corporate Deposits which were seen distributed through RTGS in the account of the corporate debtor. The corporate debtor has issued confirmation of accounts and thereby admitted the financial debts to be due and payable to the financial creditors in the case in hand. So also, corporate debtor has admitted the interest amount accrued at the rate 12% per annum on the principal sum. The statement of account also shows that the corporate debtor has deducted TDS. The corporate debtor denied the entire transaction disputing the authenticity of the documents evidently executed and signed by the corporate debtor. The above said factors proves that the attempt of the corporate debtor is an attempt to evade payment which is found liable to pay to the financial creditors. Corporate debtors said attempt is found unsuccessful. Despite demands, reminders made by the financial creditors the corporate debtor has failed to repay the debt outstanding in its name. This petition for initiation of Corporate Insolvency Process under section 7 of the Insolvency & Bankruptcy Code, 2016 is liable to be admitted.
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