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2020 (4) TMI 702 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor failed to make payment of outstanding dues - existence of dispute or not - HELD THAT:- In respect of petition filed under section 7 of I&B Code for initiation of CIRP by Financial Creditor, the Adjudicating Authority has to see the existence of financial debt, whether the default has occurred and whether the petition is complete. From the records submitted alongwith the petition, it can be said that the petition in Form-1 filed by Shri Dinesh Kumar Patwari, AGM of the Bank and in support of the same, the Petitioner has filed authorization papers. The petition is complete - There is financial debt owed by the Respondent to the Petitioner. Time Limitation - HELD THAT:- Date of NPA is 31-5-2015. The last date of transaction is on 30-6-2016 - The petition is filed on 18-3-2019 and is well within time. Petition allowed.
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