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2021 (6) TMI 741 - Tri - Insolvency and BankruptcyMaintainability 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:- Notice of this petition was issued to the corporate debtor on 31.05.2019 to show cause as to why this petition be not admitted. The Financial Creditor has filed affidavit of service vide Diary No. 5595 dated 15.10.2019 wherein it has been stated that notices were sent vide speed post, Email and by hand to the corporate debtor - The Notice of hearing was also published in two newspapers (English) on 16.10.2019. Newspaper clipping of both newspapers are attached as Annexure-P1 of Diary No. 6986 dated 10.12.2019. Accordingly, several opportunities were afforded to the corporate debtor to file its reply but there has been no representation from the respondent so far. In the present case, the occurrence of default is evidenced by the details furnished by petitioner including Loan-cum-Hypothecation agreement, no lien letter along with Demand Promissory Note executed between both parties and same are placed at Annexures A-6 & A-7 respectively. Demand Notice dated 06.01.2017 under Section 13(2) of SARFEASI Act (Annexure A-9), possession notice dated 22.03.2017 (Annexure A-10) were issued by financial creditor and copy of order dated 16.02.2019 (Annexure A-11) passed by Debt Recovery Tribunal, Chandigarh wherein recovery certificate was issued shows that the corporate debtor had made default in payment of financial debt. The present petition being complete and having established the default in payment of the Financial Debt for the default amount being above ₹ 1,00,000/-, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code - Application allowed.
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