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2019 (10) TMI 59 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIAdmissibility of application - initiation of CIRP - Corporate Debtor defaulted in repayment - existence of debt and default or not - HELD THAT:- There is debt and default and the Corporate Debtor has not discharged the obligation as per the terms of the Guarantee and, therefore, there is debt due as claimed by the Financial Creditor from the Corporate Debtor. The appellant has succeeded in proving the existence of a default in terms of the guarantee agreements. The NCLT has committed error in rejecting the application filed under Section 7 of I&B Code by the appellant. Application allowed - moratorium declared.
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