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2019 (10) TMI 373 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Failure to make repayment of loans - overdue instalments - existence of debt and dispute or not? - HELD THAT:- In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant. As can be seen from the Written Communication of the proposed Insolvency Resolution Process, no disciplinary proceedings are pending against him. In the instant case, the documents produced by the Financial Creditor clearly establish the ‘debt’ and there is a default on the part of the Corporate Debtor in payment of the ‘financial debt’. Application admitted - moratorium declared.
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