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2021 (12) TMI 8 - 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 seen from the petition that the Corporate Debtor has admitted its liability towards Financial Creditor in its Ledger account annexed as Annexure-5 and further in declaration Annexed as Annexure-3 with Supplementary Affidavit, the corporate debtor has given declaration regarding the loan from Mr. Vikash Kumar, Director (Financial Creditor). It is, also important to take note that the notification regarding the enhancement of minimum amount of default to Rs. One crore for the purpose of section 4 was issued by the Ministry of Corporate Affairs on 24th March, 2020 and the amount defaulted by the corporate debtor as well as filing of captioned petition is much before the coming into effect of notification dated 24th March, 2020. Since any notification issued by the Government is generally prospective in nature unless specifically expressed, hence, the said notification is not applicable to the present matter. The evidence placed by the financial creditor is sufficient to establish the existence of debt as well as default in payment on the part of the Corporate Debtor. The Hon'ble Apex Court has clearly stated in case of Innoventive Industries M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR. [2017 (9) TMI 58 - SUPREME COURT] that the moment it is established that there is a default in payment of financial debt by the corporate debtor, which is due and payable and the application is complete and no disciplinary proceedings is pending against the proposed RP then the adjudicating authority has no option but to admit the application. The Financial Creditor has fulfilled all the requirements of law. Accordingly, this Adjudicating Authority admits this application and initiate the process of CIRP of the Corporate Debtor. Application admitted - moratorium declared.
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