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2019 (7) TMI 283 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Corporate Debtor - financial creditor - Section 7 of the Insolvency and Bankruptcy Code, 2016 - default of debt - HELD THAT:- In the instant case, the petitioner-financial creditor adduced abundant evidence to show the default which has been committed by the respondent-corporate debtor and the same has not been disputed. The respondent-corporate debtor is also stated to have executed the balance confirmation letters dated 21.08.2017 are at Annexure I/31 (colly). There is no denial of the balance confirmation letters in the reply. The balance outstanding amount as on 08.10.2018 has also been stated in the tabulated information in the synopsis of the case - No discrepancy in the calculation has been pointed out but in any event if there is any such discrepancy it is for the Interim Resolution Professional or Resolution Professional as the case may be to look into the same after the insolvency resolution process is initiated. There is a presumption of correctness attached to the entries in the books of accounts. The petitioner bank has thus, shown that the corporate debtor was in default in making payment of the outstanding balance at the time, the petition was filed. The petitioner bank has been able to prove the requirement of clause (a) of Subsection (3) of Section 7 of the Code - As per clause (b) of Section 7(3) of the Code, the financial creditor is bound to propose the name of the Resolution Professional to be appointed as Interim Resolution Professional. Petition admitted - moratorium declared in terms of sub-section (1) of Section 14 of the code.
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