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2020 (4) TMI 642 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed in making repayment of the Cash Credit, Term Loan, BP, Devolved LC facility availed from the Bank - existence of debt and dispute or not - HELD THAT:- The CD has defaulted in making repayment of credit facilities to the Petitioner Bank and the date of default is 28-8-2014. The Statement of accounts submitted by the applicant confirms the default committed by the Corporate Debtor - The Petitioner Bank has filed the petition within the period of limitation, as the date of payment of INR. 3,75,00,000.00 as on 25-1-2018 whereas this petition has been filed by the Financial Creditor on 1-7-2019 - The present I.B. Petition is filed by the duly authorised official of the Financial Creditor in a prescribed format under section 7 of the I.B. Code annexing copies of loan documents confirming the existence of debt due and defaulted and proposed a name of Resolution Professional to act as an Interim Resolution Professional (IRP). This Adjudicating Authority is satisfied that: (a) The Corporate Debtor availed the credit facilities from the Financial Creditor; (b) Existence of debt is above Rs. One Lakh; (c) Debt is due; (d) Default has occurred on 28-8-2014; (e) Petition has been filed within the limitation period as the Corporate Debtor has paid INR. 4,73,50,000.00 on various dates between 4-11-2016 to 25-1-2018 wherein this petition has been filed on 1-7-2019. (f) Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Financial Creditor under section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor. Petition is admitted - moratorium declared.
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