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2020 (2) TMI 638 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- Considering the material papers filed by the Petitioner Bank and the facts mentioned, this Adjudicating Authority is satisfied that, (a) The Corporate Debtor availed the loan/credit facilities from the Financial Creditor Bank;(b) Existence of debt is above Rs. One Lakh; (c) Debt is due; (d) Default has occurred on 31/03/2014; (e) Petition had been filed within the limitation period; (f) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Petitioner Bank Under Section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. Hence, the present IB Petition is admitted. The date of admission of this petition is 18/12/2019 - Moratorium to have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process.
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