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2019 (8) TMI 217 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency resolution process - Corporate Debtor - default in repayment of the debt - HELD THAT:- On looking at the submissions of either side, it has been proved that the Financial Creditors have not accepted the OTS proposal offered by the Corporate Debtor - The Orders of the Hon'ble Apex Court will specifically apply only to those companies against whom insolvency proceedings have been initiated based on RBI Circular. This Bench is of the view that the Corporate Debtor has defaulted in repaying outstanding debt of ₹ 125,89,60,431.52. The defense of Corporate Debtor that they had given a proposal for OTS is not tenable since the Financial Creditor has rejected the OTS proposal. This Bench hereby holds that it is a fit case for admission and orders commencement of Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day this order is passed. Petition admitted - moratorium declared.
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