Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (1) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 304 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor committed default in paying financial debt - debt due and payable - Section 7 of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Corporate Debtor is served with the notice of this application. One of the directors of the Corporate Debtor, Mr. Arvind Bhawsinghka appeared on behalf of the Corporate Debtor and filed affidavit-in-reply dated 20.08.2019. The Corporate Debtor admitted the debt and default and also, they contended that time and again they have requested the Financial Creditor to restructure the loan but their request was not acceded to. The Corporate Debtor admitted the debt to be payable to the Financial Creditor and it is default on their part. These are only facts being considered for admission of the Corporate Debtor in CIRP under Section 7 of I & B Code, 2016. The application is defect free. Application admitted - moratorium declared.
|