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2020 (4) TMI 701 - 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 CD has defaulted in making repayment of loan/credit facilities to the Petitioner Bank and the date of default is 30/09/2015 - The Petitioner Bank has filed the petition within the period of limitation, as the last payment into the Account has come on 26/02/2016. The present LB. Petition is filed by the duly authorised official of the Applicant Bank in a prescribed format under section 7 of the LB. 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 The Corporate Debtor availed credit facilities from the Financial Creditor; Existence of debt is above Rs. One Lakh; Debt is due; Default has occurred on 30/09/2015; Petition has been filed within the limitation period as the last payment into the account has come on 26/02/2016, when the petition has been filed on 30/11/2018 and Copy of the Application filed before the Tribunal has been sent to the Corporate Debtor and the application filed by the Petitioner Bank under section 7 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The present IB Petition is admitted. The date of admission of this petition is 13/01/2020 - Application admitted - moratorium declared.
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