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2020 (5) TMI 7 - 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 - time limitation - acknowledgement of debt - HELD THAT:- The amount of debt and default is not in dispute. Time Limitation - HELD THAT:- It is not in dispute that such amount of debt due and payable by the Corporate Debtor to the Financial Creditor has is appearing in the financial statements for the year ended 31-3-2018. It is also not in dispute that in the Auditor's Report fact of default by Corporate Debtor in the payment of loan and interest has also been reported. The only plea which has been taken by the Corporate Debtor that such financial statements are for the period which is beyond 3 years from the date of declaration of the amount of corporate debt as NPA in 2013. -In our considered view, such plea stands on no legs for the simple reason that the default which has been shown in the balance sheet of financial year-ended 31-3-2018 is not running from March 2013 or earlier. Acknowledgement of debt - HELD THAT:- The presentation in the balance sheet or auditor's report there to amounts to acknowledgement of debt by corporate debtor. This proposition is now more or less settled. The application filed by the Financial Creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, namely R.P. Info Systems Ltd. is hereby admitted - moratorium is declared.
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