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2020 (2) TMI 636 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- The Applicant RBI in the capacity of "Appropriate Regulator" has submitted this Application against the 'Financial Service Provider' Dewan Housing Finance Corporation Limited on account of the fact that the default in repayment of the ECB Loan to SBI was committed, therefore, after following the due procedure as discussed prayed for "Admission" of the Petition u/s 7 to be read with Section 227 of the Insolvency Code. On due examination of the evidences annexed with this Application we hereby hold that the Debt in question is to be qualified as "Financial Debt" as defined u/s. 5(8) to be read with Section 3(11) of The Code. Further, on the basis of the correspondence and the Letters issued it has also been established that the FSP has committed Default of repayment as defined u/s. 3(12) of The Code. Application admitted - moratorium declared.
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