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2021 (4) TMI 582 - 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 - Time Limitation - HELD THAT:- The CD has defaulted in making repayment of credit facilities to the Petitioner Bank and the date of default is 30.03.2018. The statement of accounts as on 19.12.2019 along with the Banker's Book Evidence Certificate annexed with the Petition confirms the default is ₹ 11,88,32,338.00. The petitioner Bank has filed the petition within the period of limitation, as the default has occurred as on 30.03.2018 and the application has been filed on 08.01.2021. The acknowledgment of debts have been submitted by the CD to the FC on 27/01/2015, 28/06/2017 and 19/07/2019. Charges have been filed with ROC on 25/03/2013 and thereafter charges have been modified on 21/04/2014 - The date of mortgage of the property is on 02-04-2013, SARFAESI proceeding has been initiated by the Financial Creditor and notice dated has been served on the CD. It is settled legal position that the pendency of SARFAESI proceeding or other dispute does not prevent a Financial Creditor to trigger the C.I.R.P, because the nature of remedy being sought for under the provisions of the I.B Code is " Remedy in Rem" in respect of the CD. The Respondent Company has violated the terms and conditions of the sanction letters and as such also made the accounts irregular, consequence thereof the said accounts were classified as Non Performing Asset w.e.f. 30.03.2018 - The Financial Creditor has issued Demand Notice dated 06.01.2020 in respect of unpaid debts, due from the CD i.e. M/s. Cleanopolis Energy Systems India Private Limited under the Insolvency and Bankruptcy Code, 2016 - The present I.B Petition is filed by the duly authorized official of the Applicant Bank in a prescribed format under section 7 of the I.B Code annexing copies of loan documents confirming the existence of debt due, payable and defaulted and proposed a name of Resolution Professional to act as an Interim Resolution Professional (IRP). Petition is complete and deserves to be admitted - petition admitted - moratorium declared.
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