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2018 (11) TMI 1351 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process (CIRP) - Petition lies before Civil Court and not before NCLT - default for repayment of borrowed loan - Held that:- As to the objection raised by the Corporate Debtor that this Petition lies before Civil Court and not before NCLT, our answer is that the RTL Agreement entered between the Banks and the specified companies of Videocon Group including this Corporate Debtor, obliging that they are jointly and severally liable to repay this debt by all or by any one of them as if each one of them is principal borrower to the loan Agreement entered between the Petitioner and these Group companies including the corporate Debtor. In view of the terms of the Agreement, it does not matter as to whether VIL or VTL has been pressed upon to repay the same to the Financial Creditor. The fact of the matter is that there is enough material before this Bench to prove that VIL as well as VTL defaulted in making repayment to the Financial Creditor. On the top of it, for NCLT already having admitted company petition against VIL in respect to the same debt, I don’t think any further evidence is required to prove VIL defaulted in making repayment to this Petitioner. Another specious argument the Corporate Debtor Counsel raised is that the consideration has not been received by this Corporate Debtor therefore, for having this Petitioner proceeded against VIL, this Petition will not lie against this Corporate Debtor, against which, the answer is as to the definition of “debt” under IBC, it has been envisaged that debt means a liability or obligation in respect of a claim which is due from any person. Here for there being an obligation in respect of this claim against this Corporate Debtor as well, and the same not being discharged till date, it squarely falls within the definition of “debt” as mentioned under the IBC. For it need not be said separately that the Corporate Debtor has not denied the fact of lending this loan to this specified companies of Videocon Group, we are of the view that we need not take pains to say that it is a financial debt. For the Petitioner having proved the existence of debt as well as existence of default, this Petition is hereby admitted against this Corporate Debtor. The Corporate Debtor having named the Interim Resolution Professional with his consent, there being no disciplinary proceedings against the same, this Bench hereby admits this petition filed under Section 7 of IBC, 2016, declaring moratorium
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