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2018 (7) TMI 512 - Tri - Insolvency and BankruptcyCorporate insolvency procedure - Held that:- All the allegations levelled against the proceeding u/s 7 of the Code could cause no serious impediment in the way of acceptance of such an application. Consequently, all those allegations are rejected. As on 31.10.2017, the CD owed an amount to the tune of ₹ 53,87,09,011.75 to the FC and that there was a clear default in repayment of such debt. The various materials on record, the financial statements annexed with the application as well as the averments made in the letter dated 14.03.2016 in particular make such conclusion inevitable. There cannot be any escape that this proceeding finds cause of action as contemplated in Section 7(5)(a) of the Code of 2016 and therefore, same needs to be accepted. The order of moratorium u/s .14 made effective
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