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2019 (11) TMI 186 - AT - Insolvency and BankruptcyAdmissibility of petition - initiation of CIRP - Failure on part of corporate Debtor to make repayment of loan - Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- At the stage of admission of Application under Section 7, the requirement is to give limited Notice and the considerations would be to see whether or not satisfaction by Adjudicating Authority could be reflected on the basis of Sub-Section (5) of Section 7. If there is a financial debt, which is more than ₹ 1 Lakh and there is a default and if the Application is complete, the Application would have to be admitted. The Corporate Debtor is entitled to point out that a default has not occurred in the sense that the ‘debt’ which may include a disputed claim is not due. Corporate Debtor may point out that the debt is not due by showing that it is not payable in law or in fact. There is no substance in this claim made by the Appellant that if it appears that there is no possibility of keeping the Company a going concern, IBC cannot be invoked - appeal dismissed.
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