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2022 (7) TMI 829 - 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:- Upon perusal of the records of the Reply by the Corporate Debtor, it is undisputed that the credit facility/loan was disbursed by the SBI to the Corporate Debtor and the Corporate Debtor defaulted in repayment of such debts. The account of the Corporate Debtor was declared as the NPA on 29 March, 2012. However, vide Assignment Agreement dated 18 July, 2014, the SBI assigned the debt to the Financial Creditor. Time Limitation - HELD THAT:- As per the letter dated 20 April, 2022 from the Corporate Debtor to the Financial Creditor, it is apparent that the Corporate Debtor was very much aware of the assignments of debt to the Financial Creditor. In the said letter, the Corporate Debtor has categorically stated that the revised settlement amount was Rs.180 Lakhs, out of which the Corporate Debtor had paid Rs.27,00,000 to the SBI. Further, the assignment of debt of debt happened after the payment of Rs.27,00,000 to the SBI. Hence, the rest of the amount could not be deposited. However, the Corporate Debtor undertakes to pay the balance amount i.e., Rs.153 Lakhs - Further, from the Financial Statements for Financial years 2014-2015, 2015-2016, 2016-2017 and 2017-2018 of the Corporate Debtor it is clear that the Corporate Debtor has unconditionally acknowledged the debt. It is clear that the Financial Creditor has successfully satisfied this Adjudicating Authority of the existing debt and default - Application admitted - moratorium declared.
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