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2019 (4) TMI 1012 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Corporate Debtor - default in repayment of loan amount - section 7 of the Insolvency & Bankruptcy Code - HELD THAT:- Had there been an intention to the Corporate Debtor to settle this claim amount through OTS, the Debtor company would have responded to the letter dated 20.06.2017 but whereas there is no material reflecting that this Corporate Debtor made any efforts to resolve this issue through OTS despite more than one and half years is over from the date the Creditor Bank sent a letter asking the Corporate Debtor to provide full information as aforesaid - By looking at the conduct of the Corporate Debtor, it is clear that the Corporate Debtor made an attempt to set up these letters filed by the creditor bank as defence to impress upon this Bench that the debtor made efforts for one time settlement, but on record no material is there to prove that the Corporate Debtor pursued OTS proposal any time thereafter. The submissions made by the Corporate Debtor are misconceived and for trying to drag out this matter on one or the other pretext. There is a liability is subsisting against the Corporate Debtor and the Corporate Debtor has already defaulted in repaying the liability, therefore, and thus it is a fit case for admission - application admitted - moratorium also declared.
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