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2019 (6) TMI 23 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process against the corporate debtor - default in repayment of amount - declaration of Corporate Debtor’s account as a nonperforming asset - HELD THAT:- The Corporate Debtor is a guarantor vide a Deed of Guarantee dated 5.1.2015 regarding the loans given to Gupta Global Resources Private Limited (GGRPL). A guarantee is covered by the definition of financial debt provided in Section 5(8), IBC - The contention of the Corporate Debtor that the present petition is barred by the law of limitation does not survive as the guarantee was invoked by the Financial Creditor on 27th April 2017 and the Financial Creditor filed the present petition on 9.4.2018. Stamp Duty - HELD THAT:- The proceedings before this Adjudicating Authority are summary in nature. It is pertinent to mention that stamp duty payable and paid on letter of guarantee is ₹ 100 and it has been purchased by the Corporate Debtor. Therefore, the Corporate Debtor has no right to raise the objection of insufficient stamp duty. Mismatch in the principal amount and the interest rate chargeable - HELD THAT:- It is to be clarified that the Adjudicating Authority does not have to ascertain the exact due amount as held by the Hon’ble NCLAT in the matter of The Dhar Textile Mills Ltd. vs. Asset Reconstruction Company (India) Limited, Company Appeal (AT) (Insolvency) No. 11 of 2019. The Adjudicating Authority has to satisfy itself that a debt of minimum ₹ 1,00,000/- exists. So the contention of the Corporate Debtor regarding the principal amount and interest rate charged is untenable. As per Section 7 of IBC, a petition has to be admitted if a default has occurred, debt is due, and application is complete, and no disciplinary proceedings are pending against the proposed resolution professional - This Petition reveals that there is a debt as defined in Section 3(11) of IBC. Also, there is a default in this case within the meaning of Section 3(12) of IBC. Though the Corporate Debtor has raised a dispute regarding his liability to pay the debt. However, the dispute is irrelevant for admitting a petition U/S 7 of the Code. The application of the Financial Creditor is complete, amount of more than Rs one lac is a due and application is complete. No disciplinary proceedings are pending against the proposed resolution professional. Therefore, this petition deserves to be admitted. Petition admitted - Moratorium declared.
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