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2019 (7) TMI 1356 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution process - Corporate Debtor - failure in repayment of loan - It is alleged by the Petitioner/Financial Creditor that the Corporate Debtor company was not regular in making repayment of its debts as per the terms and conditions of the loan agreement - Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is evident that the Corporate Debtor company has committed default in making repayment of its outstanding debts, which meets the requirement of Section 3(11) and (12) of the I & B Code to trigger the CIRP in respect of the Corporate Debtor company - filing of present petition is found to be in order and, thus, it is evident that there is Debt, which has been defaulted by the Corporate Debtor. Hence, the present IB Petition can be considered for its admission. Application admitted - moratorium declared.
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