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2021 (6) TMI 190 - NATIONAL COMPANY LAW TRIBUNAL — CHENNAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - non-performing assets - existence of debt and dispute or not - HELD THAT:- The corporate debtor has committed default in repayment of its dues which it had availed of by the financial creditor by way of various credit facilities sanctioned and granted by it. The record from the information utility also posits the same fact as the same shows as "deemed to be authenticated". Further, it may be seen that the financial creditor has classified the accounts of the corporate debtor as NPA on March 31, 2018 and thus under the provisions of the IBC, taking into consideration the decision of the Supreme Court in GAURAV HARGOVINDBHAI DAVE VERSUS ASSET RECONSTRUCTION COMPANY (INDIA) LTD. AND ANR. [2019 (9) TMI 1019 - SUPREME COURT] and B.K. EDUCATIONAL SERVICES PRIVATE LIMITED VERSUS PARAG GUPTA AND ASSOCIATES [2018 (10) TMI 777 - SUPREME COURT], the right to sue accrues for the financial creditor to sue the corporate debtor on March 31, 2018 the date on which the account of the corporate debtor was declared as NPA and from the records it is evident that the financial creditor has filed the present petition on July 24, 2020 which is well within the 3 years period of limitation. Thus, there is a debt and default on the part of the corporate debtor and the corporate debtor is unable to repay its dues to the consortium of bankers and in the instant case to the financial creditor - Also the default arising in the present application is much prior to the advent of the Covid-19 pandemic and hence the corporate debtor cannot seek shelter also under section 10A of the IBC, 2016. The application as filed by the applicant-financial creditor is required to be admitted under section 7(5) of the I and B Code, 2016 - application admitted - moratorium declared.
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