Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (10) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (10) TMI 64 - 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 - HELD THAT:- This Adjudicating Authority is satisfied that, (a) The Corporate Debtor has availed the loan/credit facility from the Petitioner for payment to the Employer - Sardar Sarovar Narmada nigam Ltd, the amounts towards issuance of bank guarantee and creation of fixed deposit receipt (FDR) in favour of the Employer for the execution of the works under the Case Tender. (b) Existence of debt above Rs. One Lac; (c) Debt is due; (d) Default has occurred on 10.10.2017 (e) Petition had been filed on 06.06.2018 which is 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 Under Section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate-Debtor-Company. Hence, the present IB Petition is admitted - the date of admission of this petition is 03.06.2020.
|