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2019 (5) TMI 918 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Corporate Debtor - Corporate Debtor failed to make payment of ₹ 4650.66 lakhs (including interest) - HELD THAT:- The Hon’ble Supreme Court in the matter of Innoventive Industries Limited V. ICICI Bank & Anr.[2017 (9) TMI 58 - SUPREME COURT], has held that the provisions of Section 7 become applicable as soon as a financial debt is established and there is an existence of a default. The Hon’ble court has expressed that the moment the Adjudicating Authority is satisfied that a default in repayment of debt had occurred; the process of insolvency is to be triggered unless the application is incomplete. The Financial Creditor has stated that as on 31.07.2018, ₹ 4650.66 lakhs (including interest) is due and payable by the Corporate Debtor to the Financial Creditor. The Financial Creditor has stated that the total amount of debt granted, disbursed and restructured from 21.03.12016 and at present aggregate credit limit is of ₹ 2750.00/- lakhs. It is further stated that the account of the Corporate Debtor was declared as Non-Performing Asset w.e.f. 31.03.2016 on account of default in making payment to the Financial Creditor - This Petition reveals that there is a debt as defined in Section 3(11) of IBC; there is a default within the meaning of Section 3(12) of IBC; the application of the Financial Creditor is complete; the amount of more than Rs one lac is a due and no disciplinary proceedings are pending against the proposed resolution professional. Therefore, this petition deserves to be admitted. Petition admitted.
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