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2020 (8) TMI 926 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - deterioration of the value of the corporate debtor (CD) which is not in operation - Financial Creditors - HELD THAT:- It is certain that other than the alleged clarity regarding the total amount of claim due from the CD there is no other objections seen raised from the CD. Availing loan exceeding one crore rupees as per amended proviso to section 4 of the Code as well as default of the loan amount within the period of limitation and before the declaration of lockdown I.e before, 25.03.2020 is an admitted fact. The application has been filed in proper form. The applicants have produced several documents including loan sanction letter, agreements, final recall notice, Information Utility Certificate, CIBIL Report, etc. The applicants have also proposed the name of Interim Resolution Professional and filed the Written Communication dated 04/06/2020 given by the said Insolvency Professional. It seems that all the compliance u/s. 7 of the I & B Code has been made. Being satisfied that the CD has committed default, that default occurred prior to declaration of lockdown, that application is complete and there is no disciplinary proceedings against the proposed resolution professional, this application is fit for admission. The default admittedly committed being falls under the exhalation to section 10-A inserted by notification dated 5th June, 2020, this application is also maintainable and liable to be admitted. Application admitted - moratorium declared.
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