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2019 (6) TMI 131 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor - default in repayment of the debt amount i.e. ₹40, 49, 72, 485/- - section 7 of Insolvency & Bankruptcy Code, 2016 - HELD THAT:- The respondent’s contentions raised in the Affidavit in reply are unsustainable. The existence of debt is clear from the Letter of the Corporate Debtor, its affidavit in reply filed in Hon’ble Bombay High Court, loan agreements, various documents relating mortgage deed, hypothecation deed, certificate of creation of charge and personal guarantee agreements - The Petitioner has proved the existence of debt as well as the default. The Application under sub-section (2) of Section 7 of IBC, 2016is complete. The existing debt of more than oneRs lac against the corporate debtor and its default is also proved - the petition filed U/S 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency process against the corporate debtor deserves to be admitted. Petition admitted - Moratorium declared.
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