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2019 (11) TMI 447 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make payment of loan - Dates of default are 20.10.2018 and 16.01.2019. The Petition was filed on 03.05.2019 - amount is due and payable by the Corporate Debtor to the Financial Creditor - HELD THAT:- The Hon’ble Supreme Court in the matter of Innoventive Industries Limited V. ICICI Bank &Anr.[2017 (9) TMI 58 - SUPREME COURT], has held that the provisions of section 7 become applicable as soon as financial debt is established and there is an existence of a default. The Hon’ble court hadobserved that the moment the Adjudicating Authority is satisfied that a default inrepayment of debt had occurred, the process of insolvency is to be triggered unless the application is incomplete. This Petition reveals that there is a debt as defined in section 3(11) of IBC; there is a default within the meaning of section 3(12) of IBC; the application of the Financial Creditor is complete; an amount of more than Rupees One Lakh is due and payable and in default and no disciplinary proceedings are pending against the proposed resolution professional. Therefore, this petition deserves to be admitted. Petition admitted - moratorium declared.
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