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2020 (2) TMI 379 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIMaintainability of application - initiation of CIRP - Corporate debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- There is overwhelming evidence to prove default and the defense which has been taken by the Corporate Debtor is rather evasive in nature. It is pertinent to mention that the Corporate Debtor as such in his pleadings has nowhere disputed or denied the claims made by the FC. Also taking into consideration Section 128 of the Indian Contract Act, the liability of the guarantor is co-extensive with the liability of the principal debtor and the same can be invoked without exhausting the remedies against the Principal Debtor. The application deserves to be admitted - application admitted - moratorium declared.
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