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2021 (3) TMI 863 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- It is clear that on the request of the Corporate Debtor, the Financial Creditor had sanctioned the loan, which was duly disbursed to the Corporate Debtor in its Bank Account and was duly acknowledged. It is also not denied that the default has not occurred resulting in triggering the process of insolvency. Section 7(1) of the Code expressly envisages “a default” is in respect of financial debt, that is owed to any financial creditor by the Corporate Debtor. The Financial Creditor has made this application in the prescribed form and manner. This Adjudicating Authority has to simply satisfy itself that the default has actually occurred. Even, though the Corporate Debtor has the right to point out that the default has not occurred, but there is no such plea in its affidavit in opposition, which tantamounts to a clear cut admission that the default had occurred. The application of the Financial Creditor being complete in all respects and there being no denial of the default having taken place in repayment of the debt due to the Financial Creditor - Application admitted - moratorium declared.
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