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2019 (10) TMI 108 - Tri - Insolvency and BankruptcyMaintainability of application - Initiation of CIRP - Corporate Debtor - failure in repayment of outstanding amount - Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- It is found that the amount of loan advanced to the corporate debtor company falls within the category of financial debts. Further the corporate debtor has committed default, which meets the requirement of Section 3(1) and (12) of the Code to initiate the CIRP in respect of the Corporate Debtor company. As the default of debts is established for a sum of ₹ 8,00,000/- + simple interest @ 9% per annum (as on 01.04.2018), the petition is found complete in terms of the provisions of the I & B Code. Petition admitted - moratorium declared.
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