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2022 (11) TMI 865 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- A perusal of the record placed by the Financial Creditor discloses that it has provided various Term Loans including Short Term Loans, Equipment Loans, Demand Loan, ECB Loan and working capital facilities, both fund based and non-fund based to the Corporate Debtor from time to time and that an amount of Rs. 242,33,00,269/- became due and payable as on 30.09.2022 and the account of the Corporate Debtor was classified as NPA on 30.04.2022. Despite opportunity the corporate debtor failed to place any record disclosing that there is no debt or default as claimed by the applicant. Thus, the record placed and the averments made in the company petition by the Applicant remain un rebutted. There are due compliance of the requirements in terms of Section 7(3) of IB Code by the financial creditor, and this Adjudicating Authority in terms of its power under section 7 (4) ascertained the existence of debt and default if any as alleged on the part of the corporate debtor from the record placed by the financial creditor under sub section (3) of Section 7 of IB Code, and is fully satisfied that present application under subsection 2 of Section 7 of IB Code is complete in all aspects and that the re are no disciplinary proceedings pending against the proposed resolution professional, hence the instant Application is admitted. Application admitted - moratorium declared.
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