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2020 (4) TMI 154 - 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(Andhra Bank). (b) Existence of debt is above Rs. One Lac; (c) Debt is due; (d) Default has occurred on 29-6-2012; (e) Petition had been filed within the limitation period, as the existence of debt due is found in Balance Sheet of the Corporate Debtor as on 31-3-2017 and the last payment into the account has come on 25-9-2017, whereas this petition under section 7 has been filed on 21-5-2018; (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 with the following Directions/observations. The date of admission of this petition is 13-1-2020. Thus the present IB petition filed under section 7 of the IBC stands admitted on 13-1-2020 - Moratorium declared.
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