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2018 (9) TMI 121 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - default in repayment of the outstanding amount - default in payment of the financial debt - Held that:- In the case in hand the respondent company has committed default in repayment of the outstanding amount. In reply respondent company has not raised objection against admission of the present application filed by the financial creditor. That apart the present 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 clear 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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