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2021 (7) TMI 852 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - account was classified as NPA - time limitation - HELD THAT:- Although the NPA was declared in respect of Corporate Debtor in 2012, but the Corporate Debtor kept on acknowledging its Debt in its correspondence letters with the Bank and also the Respondent had made part payment of ₹ 10,00,000/- towards loan liability in the year 2017 while the present IB petition is filed in 2018. Hence it is found to be filed well within limitation. Since the Respondent did not file its Reply/objection to the present IB petition, it goes uncontested. Hence the Debts which are more than Rs. One Lakh stands admitted and the default in making repayment of loan goes undisputed. Therefore the present IB petition is found to be filed in conformity with the provisions of the Code and rules, regulations made thereunder. Hence is found complete and CIRP can be triggered in respect of present Respondent. For the aforesaid reasons, the present IB petition deserves for Admission. On perusal of the documents annexed with the IB petition it is found that the Respondent/Corporate Debtor has committed default in repayment of debt. The disbursement of loan amount is substantiated by the Statement of accounts of the Petitioner. The Liability of the Respondent Corporate Debtor is also reflected in ledger account of the Respondent in the books of the Petitioner. Therefore it is a fit case where the CIRP can be triggered in respect of the present Corporate Debtor. Petition admitted - moratorium declared.
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