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2021 (10) TMI 593 - 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:- The documents submitted by the Financial Creditor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount. It is pertinent to mention here that, the Code requires the Adjudicating Authority to only ascertain and record satisfaction in a summary adjudication, as to the occurrence of default before admitting the application. The material on record clearly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding loan amount - the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. The requirement of sub-section 5(a) of Section 7 of the Code stands satisfied as default has occurred, the present application filed under Section 7 is complete - Application admitted - moratorium declared.
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