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2020 (10) TMI 323 - Tri - Insolvency and BankruptcyWinding up of Respondent Company - section 433(e), section 433(f) and 434 of Companies Act, 1956 - HELD THAT:- The Financial Creditor has established that the loan was duly sanctioned and duly disbursed to the Corporate Debtor but there has been default in payment of Debt on the part of the Corporate Debtor. The nature of Debt is a "Financial Debt" as defined under section 5(8) of the Code. It has also been established that admittedly there is a "Default" as defined under section 3(12) of the Code on the part of the Debtor - keeping the admitted facts in mind, it is found that the Financial Creditor has not received the outstanding Debt from the Corporate Debtor and that the formalities as prescribed under the Code have been completed by the Applicant, we are of the conscientious view that this Petition deserves 'Admission'. Application admitted - moratorium declared.
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