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2020 (3) TMI 1267 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - whether the amount claimed from the Respondent Corporate Debtor Company by the Applicants is a financial debt or not? - HELD THAT:- "Financial Debt", to the extent relevant for the purpose of this case, is defined in Clause (a) of sub-section (8) of Section 5 of the Code. It says, "financial debt" means a debt along with interest, if any, which is disbursed against the consideration for the time value of money and includes money borrowed against the payment of interest. his Adjudicating Authority is satisfied that, a) Existence of debt is above Rs. One Lac; b) Debt is due and defaulted; c) Default has occurred on 31 st August, 2017; d) Petition has been filed within the limitation period as the date of default is 31 st August, 2017 and the petition has been filed on 09.09.2019 i.e. within three years of the default. e) Copy of the Application filed before this Tribunal has been sent to the Corporate Debtor. The application filed by the Petitioner under Section 7 of Code is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Respondent Corporate Debtor Company. Petition admitted - moratorium declared.
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