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2022 (7) TMI 14 - 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 - Time Limitation - HELD THAT:- In terms of the order dated 21.11.2019 and to remove the defects pointed out, the learned counsel for the petitioner filed compliance affidavit vide Diary no.6652 dated 27.11.2019 stating that the date of default mentioned in Form No.5 is unintentional and by mistake, and in fact the date of occurrence of default is 02.03.2013 and acknowledgement of the same was made on 07.03.2015 and again on 01.09.2017 as shown in the relevant balance sheets and hence, the CP is within limitation. Whether there is default in payment or not? - HELD THAT:- It is observed from the record that in the present case, the occurrence of default is evidenced by the copy of the acknowledgement by the corporate debtor and the account statement of the Petitioner/Applicant and the same are attached as Annexure A-6 and Annexure A-7 & A-8 respectively of the petition. The respondent-corporate debtor has also filed a reply wherein it has been admitted that there is default in respect of financial debt and amount mentioned in the petition is due towards the petitioner and shown its incapacity to pay the liability. The application filed in the prescribed Form No.1 is found to be complete. The present petition being complete and having established the default in payment of the Financial Debt for the default amount being above threshold limit, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. Accordingly, the petitioner proved the debt and the default, which is more than the threshold limit - Petition admitted - moratorium declared.
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