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2020 (10) TMI 65 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor unable to liquidate its financial debt - existence of debt and dispute or not - HELD THAT:- If it is established that default has occurred and no disciplinary proceeding is pending against the IRP and application is complete then Adjudicating Authority has no option but to admit the application otherwise if any of the condition is lacking then application is liable to be rejected. Whether there is any dispute or not, this question is not required to be considered while considering the claim of Financial Creditor U/S 7 of IB Code. When we shall consider the case in hand and the aforesaid decision and the provision then we find that in this case in hand, it is admitted fact that respondent had entered into an agreement and which is duly sanctioned by the applicant vide sanctioned letter dated 22.02.2018 and Channel Finance Facility was executed and modified on 09.03.2018 & 06.07.2018 and in that agreement, the name and address of the sellers is mentioned i.e. Vedanta and Hindalco and payment was directly made to the Vedanta and Hindalco in lieu of goods supplied to the respondent. Therefore, the contention of the respondent that payment has not been made directly to him is not liable to be accepted rather direction was given in Channel Finance Agreement - Ld. Counsel for applicant submitted that legal notice as well as recall of loan notice was also sent to the respondent, under such circumstances, we have no option but to reject the contention of the respondent and we accept the contention of the applicant that loan was duly sanctioned and disbursed but Debt has not be repaid and since there is default and application filed by the applicant is complete, Application is liable to be admitted. Petition admitted - moratorium declared.
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