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2019 (3) TMI 958 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Outstanding loan - respondent company has taken a loan from the applicant in the year 2010, however the respondent company failed to repay the loan amount as per the agreed terms and conditions - whether claim of the applicant is barred by the limitation? - HELD THAT:- The applicant clearly come within the definition of Financial Creditors. The material placed on record further confirms that applicant financial creditor had disbursed various loan to the respondent corporate debtor and the respondent has availed the loan and committed default in repayment of the outstanding financial debt. 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. Applicant has placed on record voluminous and overwhelming evidence in support of the disbursement as well as to prove the default. We are satisfied that the present application is complete in all respect and the applicant financial creditors are entitled to claim their outstanding financial debts 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 application is admitted.
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