Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (10) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (10) TMI 543 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor defaulted in repayment of loan - Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- The default of debts is well established which meets the requirement of Section 3(11) and (12) of the I & Code to trigger the CIRP in respect of the Corporate Debtor company. It is well established that there is default of debts which comes to ₹ 7,93,88,633/- [Principle amount ₹ 6,55,00,000 + Interest ₹ 1,38,79,633/-], which is in excess of ₹ 1,00,000/. Hence, the present application is found complete as per the provisions of the I & B Code. Application admitted - moratorium declared.
|