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2020 (10) TMI 593 - 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:- The mention of incorrect address in the Form, payment of fees by Oriental Bank of Commerce instead of Dena Bank does not have any bearing on the merits of the Petition. Any how the Corporate Debtor is before us now through a counsel and mention of old address in the Form 1 is a rectifiable defect. Since the Petition is signed by the Petitioner Bank’s officer, the contention that the person who signed the Petition does not have sufficient authority does not hold water. The statement of account produced by the Petitioner clearly shows that the interest due as on 31/01/2016 was paid only on 16/07/2016. The principal due of 31/03/2016 was paid on 23/08/2016. Even assuming, without accepting the contention of the Corporate Debtor, that the date of default of interest was on 03/03/2016, the payment having been made much later i.e. on 16/07/2016, the commission of default is clear - it cannot be accepted that the Corporate Debtor that there was no default. The default committed by the Corporate Debtor thus squarely falls within the definition of default as provided under Section 3(12) of the Code. There is debt as claimed in the Petition and the Corporate Debtor defaulted in making the payment. Hence petition deserves admission - Petition admitted - moratorium declared.
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