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2022 (5) TMI 313 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCHMaintainability 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 Financial Creditor vide the Debenture Trust Deed dated 17.11.2017 issued Non-convertible Debentures to the Corporate Debtor of value of Rs.10,00,000/- each for the cash at par aggregating to Rs.310,00,00,000/- - The Corporate Debtor has not disputed the claim amount nor denied the Debenture Trust Deed entered between the parties. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than Rs.1,00,00,000/- is due and payable by the Corporate Debtor to the Applicant. There is default by the Corporate Debtor in payment of debt amount. Therefore, we do not have any objection on record against the application filed for initiation of CIRP against the Corporate Debtor - The application is complete and has been filed under the proper form. The debt amount is more than Rupees One Crore and default of the Corporate Debtor has been established and the application deserves to be admitted. Application admitted - moratorium declared.
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