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2021 (4) TMI 217 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Financial Creditors or not - existence of debt and dispute or not - HELD THAT:- It is not in dispute that from 29.05.2017, the Corporate Debtor stopped paying the Petitioner sum of rupees eight lakhs per month towards remuneration and interest of loan amount. The Corporate Debtor committed default in paying the debt in form of un-secured loan by the Petitioner to the Corporate Debtor. That amount is more than rupees one lakh (i.e. the threshold limit of the debt amount stated under Section 4 of the Insolvency and Bankruptcy Code, 2016 to initiate the Corporate Insolvency Resolution Process) - From the above facts it can be held that the Corporate Debtor has committed a default in paying the debt - also, Financial Creditor suggested name of one Mr. Sunil Kumar Agarwal, having registration number for the appointment as the Interim Resolution Professional against whom, no disciplinary proceedings pending. The application is defect free - application admitted - moratorium declared.
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