Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (5) TMI 1363 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - Financial Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- The debt of the Financial Creditor falls well within the definition of Financial debt in terms of section 5(8) and as such is entitled to file present application. It is very clear that the last payments having been made by the Corporate Debtor on 14th June, 2018 and 19th September, 2019, in Working Capital Demand Loan-II and Working Capital Demand Loan-I respectively, and the petition having been filed on 11/02/2020, the petition is very much within the period of limitation. It is also clear that in spite of the demand notice having been sent by the Operational Creditor on 1st October, 2018, in accordance with the terms and conditions of the Facility Agreements, and since the Corporate Debtor has committed default and has failed to clear its liability of financial debt towards the Financial Creditor, it is liable to be proceeded against accordingly. Petition admitted - moratorium declared.
|