Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (11) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 730 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor defaulted in repayment of amount - reliefs sought under Section 7(5)(a) and Section 13(l)(a)(b)(c) of the Code - existence of dispute or not - HELD THAT:- The unsecured loan sanctioned by the applicant has been acknowledged by the respondent company from time to time. Record available is the acknowledgement of loan, interest accrued thereon and balance of the loan account, issued by the respondent company from 17.07.2011 to 05.04.2019. 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 and the respondent company has acknowledged the debt - In the instant case, the documents produced by the Financial Creditor clearly establish the ‘debt’ and there is default on the part of the Corporate Debtor in payment of the ‘financial debt’. There is existence of default and that the application under Section 7 (2) of the Code is also complete in all respect - the petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted - petition admitted - moratorium declared.
|