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2018 (2) TMI 684 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - existence of default - Held that:- The total amount of debt granted and disbursed has been elaborately explained and for further details reference has been made to Annexure A-2 which shows that CC facility was given by disbursing ₹ 7 crores on 04.04.2017. Another facility described as LC4 A/cs account ₹ 50 crores was given and the amount was disbursed on 02.03.2015. Likewise, the amount of default has also been elaborately given along with the dates which can be ascertained by referring to Annexure A-3. Therefore, we do not find any substance in the objection raised by the Corporate Debtor. Another objection raised by the Corporate Debtor is that the petition was not maintainable without joining the lead Bank would not detain us as Section 7 of the Code itself shows that a financial creditor either by itself or jointly with other financial creditor may file an application for initiating Corporate Insolvency Resolution Process against a Corporate Debtor when a default has occurred. Therefore, there is no obligation to join the lead Bank. A certificate of registration dated 14.09.2017 issued to Mr. Gian Chand Narang by the Insolvency and Bankruptcy Board of India has been placed on record vide aforesaid diary number.According to the declaration made, by Mr. Gian Chand Narang, no disciplinary proceedings are pending against him nor he is a related party to ‘Financial Debtor’ namely NCML Industries Limited nor he is an employee of the NCML Industries Limited. Accordingly, he satisfies the requirement of Section 7(3)(b) of the Code. Thus this petition is admitted
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