Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 640 - Tri - Companies LawMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The loan amount was duly disbursed to the Corporate Debtor and the documents of mortgage/guarantee/hypothecation were duly executed by the Corporate Debtor through their authorized representative. The requisites of an application under section 7 of IBC are available on record and duly proved. The date of default the account of the Corporate Debtor having been declared as NPA on 29th July 2017 is also proved, which is the date of default as per Annexure 'E' at page 61 of the petition. A submission was made on the date of hearing (22.02.2021), that time be granted for filing a detailed reply. The IBC does not envisage two stages of reply. An opportunity was afforded to the Corporate Debtor to file a reply, and it has done so. This is a petition pertaining to the year 2019 and it cannot be kept pending. It a fit case for admitting the petition, and for initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor - petition admitted - moratorium declared.
|