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2021 (3) TMI 298 - NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - debt due and payable by the corporate debtor more than permissible limit or not - HELD THAT:- In this case, the corporate debtor failed to pay the interest amount or the instalment payable towards principle debt periodically. Hence, the corporate debtor has defaulted in paying the debt - Considering the fact that loan of sum of ₹ 10 lakhs was disbursed in the year 2017, hence, by the time, this application was filed (in the year 2019), the default amount was more than rupees one lakh (i. e., minimum limit as stated under section 4 of the IB Code to file such application). Corporate debtor submitted that the cheque in dispute (later on dishonoured) was not given for repayment of loan but it was handed over as a security cheque to the loan granted - it has been established conclusively that the corporate debtor was liable to pay debt more than rupees one lakh and it has committed a default in paying the sum. Hence, it is not required to enter in to controversy whether the cheque was towards the payment of debt or it was so called security cheque only. Even on the basis of admitted facts, it is held that the corporate debtor had handed over the cheque for the sum lent by the financial creditor, is enough to draw presumption that the cheque was drawn by the corporate debtor in favour of the financial creditor towards consideration shown in the cheque. The cheque was dishonoured. Thus, the corporate debtor has committed the default in payment of the debt. The application is defect free and hence deserves to be admitted - application admitted - moratorium declared.
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