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2022 (4) TMI 521 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- It is found that the corporate debtor had sent an email on 12.01.2022 proposing a settlement which was rejected by the applicant vide email dated 17.01.2022. Subsequently, the corporate debtor had sent another email dated 23.01.2022 proposing a modified settlement which was also rejected by the applicant on 25.01.2022. Lastly, vide letter dated 07.02.2022, the corporate debtor has sent a settlement proposal which is available on record. This amounts to acknowledgement of debt time and again. All the above documents clearly reflect that the corporate debtor had availed loan being financial debt and has failed to repay the same. Default has occurred which is also admitted on various occasions by the corporate debtor, leaving no scope to reject the application. The present application is complete in terms of Section 7(5) of the Code. The applicant is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt which is acknowledged and admitted in writing by the corporate debtor. In light of the above facts and records the present application is admitted and CIRP is ordered to be initiated against corporate debtor. Petition admitted - moratorium declared.
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