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2019 (7) TMI 962 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution Process - Section 10 of the Insolvency & Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - failure in repayment of loan - applicant suffered a loss and as such loan could not be repaid as per terms & conditions of repayment schedule - HELD THAT:- The requirement to be meted out under section 10 (3) of the I & B Code has been complied with by the applicant herein. The applicant has also succeeded in establishing its inability to discharge the debt due to the FCs and thereby defaulted in repayment of the amount found due to the FCs. The application filed under section 10 of the I & B Code is complete and that the corporate applicant has committed default in repayment of the loan amount sanctioned by the FCs. The FCs admitted the default and not contested this application - the application is complete, the present application filed under section 10 of the I & B Code is liable to be allowed under section 10(4) of I&B Code. Application admitted - moratorium declared - List the matter on 05.04.2017, for the filing of the progress report.
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