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2021 (8) TMI 1108 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Financial Debt - existence of debt and dispute or not - HELD THAT:- The Corporate Debtor has not disputed the fact that the Financial Creditor has invested in the Corporate Debtor in the form of Non-convertible Debentures (NCDs) in multiple tranches to the tune of ₹ 31,75,00,000/-. Further, the amount raised pursuant to the debentures would qualify to be a "financial debt' as per Section 5(8)(c) of IBC, 2016. It is seen from the records, that the Respondent/Corporate Debtor has preferred only to file the written submission and not reply to the Application filed by the Financial Creditors. From the written submission submitted by the Corporate Debtor it is seen that they not disputed the debt nor default. In the circumstances there is a clear evidence in the case of the existence of 'financial debt' and the 'default' of such financial debt which is payable by the Corporate Debtor to the Financial Creditor. Under the said circumstances, this Tribunal is left with no other option but to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor. This Application filed by the Financial Creditor is required to be admitted under Section 7(5) of the IBC, 2016 - The application is admitted - moratorium declared.
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