Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (10) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (10) TMI 205 - 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 has granted vide various Sanction Letters, Financial Facilities from time to time to the Corporate Debtor. For this purpose, various Loan Agreements were entered into between the Financial Creditor and the Corporate Debtor - It is observed by the Bench that despite sufficient service upon the Corporate Debtor, the Corporate Debtor has not appeared in the matter. Further, the Corporate Debtor has admitted its liability in its reply dated 11.11.2019 to the Loan Recall Notice issued by the Financial Creditor. The said reply is attached as Exhibit “JJ” at p.253 of the Petition. considering this date of 11.11.2019, the limitation criteria is fulfilled. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) 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 - this Bench is of view that the Corporate Debtor failed to make payment to the Financial Creditor and the debt is due and payable to the Financial Creditor by 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.
|