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2020 (12) TMI 1174 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor has committed default in paying the financial debt - Existence of debt and default or not - HELD THAT:- In this case, it is not in dispute that Corporate Debtor has committed default in paying the debt in entirety. From the documents produced by the Financial Creditor, it is apparent that as per revised payment schedule arrived at after restructuring of Term Loan, the amount is payable in 2015-2016, 2016-2017, 2017-2018 & 2018-2019. Further, record of default as per Information Utility Report dated 24.08.2020 has also been produced by the Financial Creditor. These facts clearly establish that the debt is due and payable both in law and in fact. It is now well settled law that in the proceeding under Section 7 of the Insolvency and Bankruptcy Code, 20, Adjudicating Authority has to see only two relevant facts (i) whether debt more than ₹ 1 lakh before 24.03.2020 in case of default prior to that date is due and payable by the Corporate Debtor & (ii) whether the Corporate Debtor committed default in paying the debt. In this case, both facts have been established by evidence on record. The Corporate Debtor is required to be admitted in Corporate Insolvency Resolution Process as per Section 7 of the Insolvency and Bankruptcy Code, 2016 - Application admitted - moratorium declared.
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