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2018 (1) TMI 1191 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - existence of debt - Held that:- It is settled law that in a Petition under Section 7 of the Code, this Adjudicating Authority has to see whether there is existence of financial debt and a default has been committed in payment of financial debt. On both the aspects, there is sufficient material on record. The finding is against the Corporate Debtor. Financial Creditor has filed copy of Power of Attorney; copies showing details of dates of disbursement and the amounts in respect of the Facilities; copies of various security documents creating/recording various security interests; copies of certificate of charges with respect to the securities created; copy of Valuation Report; copies of Financial Contracts and documents; copies of the Report of the Central Repository of Information on Large Credits and Report of TransUnion CIBIL dated August 31, 2017 and September, 2017; copies of entries in the bankers' book maintained by the Petitioner Bank as per the Bankers' Books Evidence Act, 1891; copies of Statement of Accounts; and copies of other documents proving existence of Financial Debt. The Petitioner Bank has proposed the name of an Interim Resolution Professional and filed his Written Communication. Moreover, this Petition filed by the Financial Creditor is complete in all respects. Therefore, there are no grounds to reject this petition. This Application deserves to be admitted and it is accordingly admitted under Section 7(5) of the Code.
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