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2020 (6) TMI 523 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - time limitation - HELD THAT:- The Application is filed on the basis of Order dated 22.10.2016 passed by the Ld. DRT, Jabalpur in O.A No. 225/2013. It is pertinent to mention that the order passed is a final order and the same concludes that the Corporate Debtor is liable to pay a sum of ₹ 85,94,62,955/- together with interest pendente lite and future interest at 12% per annum from the date of filing the OA. i.e 30.09.2013 till its realisation. The said order is passed after considering the documents in relation to the Credit facilities availed by the Corporate Debtor - This Application being filed on the basis of order dated 22.10.2016 is well within the period of limitation. The Application under Section 7 of I&B Code, 2016 filed by the financial creditor for initiation of CIRP in prescribed Form No.1, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existence of financial debt of more than Rupees One Lakh against the Corporate Debtor and its default is also proved. Accordingly, the petition filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted. Application admitted - moratorium declared.
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