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2019 (1) TMI 787 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Corporate Debtor has committed default in repayment of the principal debt amount along with interest and has failed to make monthly payment as per the terms of the aforesaid Loan Agreement - Held that:- The applicant clearly comes within the definition of Financial Creditor. On a bare perusal of Form - I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. It is also seen that there is no disciplinary proceeding pending against the proposed IRP. We are satisfied that the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been 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 petition is admitted.
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