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2021 (1) TMI 509 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor defaulted in repayment of outstanding dues - existence of debt and dispute or not - HELD THAT:- In view of the categorical admission made by the corporate debtor as regards to the debt and the default and further proposal that he made with the petitioner, the petition can be admitted if they do not settle the matter with the bank amicably, time is granted for a period of 3 weeks to afford a last chance to the corporate debtor. It is made very very clear to the corporate debtor that no further adjournments will be granted and if the petitioner does not report to the court that the matter has been amicably settled between the parties, the orders will be pronounced in the open court on the very same day forthwith. List this matter on July 16, 2019. A categorical statement made by the corporate debtor that an investor, i. e. Prudent ARC Ltd., is prepared to invest ₹ 100 crores and prepared to settle the dues - HELD THAT:- In view of the failure on the part of the corporate debtor to make payment the investment of ₹ 5 crores made by the said Prudent ARC Ltd., has to be repaid by the applicant-bank. Counsel representing the applicant-bank submits that in the event the petition is admitted they shall refund the said amount of ₹ 5 crores forthwith to the said Prudent ARC Ltd. - In view of the clear admission made by the corporate debtor towards debt and default, the petition requires to be admitted. The matter is reserved for further detailed order. The corporate debtor despite availing number of adjournments has neither filed reply nor advanced any arguments. Therefore, it is very clear from the conduct of the corporate debtor that the corporate debtor has no arguable case in the above company petition. Therefore the main company petition is reserved for orders - It is very clear from the above orders and the conduct of the corporate debtor that the corporate debtor is clearly admitting the debt and default in the above company petition and has no arguable defence. Even otherwise the financial creditor produced all the documents establishing the debt and default. The financial creditor also furnished the name of Mr. Sunil Kumar Chaudhari as the proposed interim resolution professional along with his letter of consent and also his undertaking that there are no disciplinary proceedings pending against him. This Tribunal has no hesitation in holding that the financial creditor has proved all the necessary legal ingredients for admitting the above company petition and the above company petition is liable to be admitted. Initiation of CIRP ordered - petition allowed.
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