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2018 (9) TMI 120 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - default committed by the respondent company - non repayment of loan - Held that:- The material on record clearly goes to show that respondent had availed the loan facilities and has committed default in repayment of the loan amount. There is no dispute that the applicant bank has filed the relevant statement of accounts duly certified in accordance with Banker Books Evidence Act, 1891 as per requirement of Form 1 part V column 7 of the application. Certified copy of statement of account kept during the course of banking business basing on which the claim has been raised can be termed as sufficient evidence of financial debt. In the case in hand there is no dispute that the respondent company has committed default in repayment of the outstanding amount. Moreover, the application of the financial creditor is complete and there is no disciplinary proceeding pending against the proposed IRP. We are satisfied that the present application is complete and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been a default in payment of the financial debt. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is admitted.
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