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2021 (10) TMI 1078 - 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:- It is apparent from the records that a loan of ₹ 1,70,00,000/- was sanctioned by the Financial Creditor to the Corporate Debtor the repayment of which has been defaulted - Corporate Debtor first defaulted in payment of interest in January 2018. After this, the Financial Creditor requested payment on 15.04.2018. Upon request from the Corporate Debtor, on 03.05.2018 the Financial Creditor extended the period of repayment till the first week of July 2018. Having not received any amount, the Financial Creditor finally recalled its loan on 10.07.2018. As per Part IV of Form I, the date of default is 01.04.2018. The present Petition was filed on 30.01.2021, it is therefore within the limitation period - The Corporate Debtor has also admitted the existence of debt time and again. The only defence taken by the Corporate Debtor is its inability to pay due to the continuous losses incurred by it. The Petition made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is more than the minimum amount as stipulated under section 4(1) of the Code at the relevant time. Therefore, the default stands established and there is no reason to deny the admission of the Petition. Given this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared.
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