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2021 (8) TMI 63 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - adjudication of quantum of the liability - scope of enquiry in an application under Section 7 of I&B code - existence of debt and dispute or not - HELD THAT:- The loan facilities were restructured in the year 2015 after consolidation of the accounts and accordingly, the Corporate Debtor executed all necessary loan documents in favour of the consortium of banks in pursuance of restructuring of the loan facilities. It is very surprising that after restructuring of the facilities and execution of the documents, and after committing default, the Corporate Debtor started demanding calculation and statement of accounts down from the year 2003 which is not legally permissible. Even otherwise adjudication of quantum of the liability is beyond the scope of enquiry in an application under Section 7 of the code. It is not the case of the Corporate Debtor that there was no debt or default in this case. Apart from that the Corporate Debtor also gave an OTS offer of repayment of 4 crores as full and final settlement vide their reply notice sent through their advocate without prejudice to their rights and contentions. Therefore, it is very clear from the above feeble contest raised by the Corporate Debtor that the debt and default are clearly established in this case and there is no merit in the contention raised by the Corporate Debtor. There are no valid grounds warranting the rejection of the above Company Petition as the debt and default are clearly established and the debt is also within limitation. The present petition is complete in all respects - petition admitted - moratorium declared.
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