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2019 (5) TMI 821 - Tri - Insolvency and BankruptcyAdmissibility of petition - corporate debtor - amount due to the financial creditor from the corporate debtor - matter heard ex-parte - HELD THAT:- There is existence of default in the sense that debt is due. The default is defined in section 3(12) in very wide terms as meaning non-payment of a debt once it becomes due and payable, which includes non-payment of even part thereof or an instalment amount, as the debt is a liability and obligation on the part of the corporate debtor towards financial creditor. The Code gets triggered the moment default is of rupees one lakh or more (section 4). The corporate insolvency resolution process may be triggered by the corporate debtor itself or a financial creditor or operational creditor. A financial creditor has been defined under section 5(7) as a person to whom a financial debt is owned and a financial debt is defined in section 5(8) to mean a debt which is disbursed against consideration for the time value of money. The application is complete in all respect as per the Rules and in such a form and manner as prescribed in the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petitioner/financial creditor having fulfilled all the requirements of section 7 of the Code, the instant petition deserves to be admitted.
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