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2019 (10) TMI 694 - Tri - Insolvency and BankruptcyMaintainability of application - Initiation of CIRP - Corporate Debtor defaulted in paying an amount - HELD THAT:- Since the Corporate Debtor has not even repaid the amount ordered to be recovered from the debtor even after lapse of almost two years, the Financial Creditor has now filed this Company Petition u/s. 7 of the Code on 10.04.2019 for initiation of CERP against the Corporate Debtor for making a claim of ₹ 135,65,99,352 as on 31.03.2019. The Corporate Debtor has stated that they have already submitted One Time Settlement proposal to the Financial Creditor (State Bank of India) authorities, thereby, the Corporate Debtor needs time to remain waiting for answer from the Creditor Bank (State Bank of India) - this Bench being satisfied that the Financial Creditor has proved the existence of debt of ₹ 135,65,99,352 and default as on 31.03.2019 against this Corporate Debtor. The Financial Creditor has also filed consent letter in form-2 given by the Insolvency Resolution Professional, In view of the same, we hereby admit this Company Petition. Petition admitted - moratorium declared.
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