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2022 (3) TMI 864 - 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:- The Corporate Debtor failed to pay the outstanding amount as per the terms and conditions of the sanction letter dated 26.09.2016. Thereafter, the Financial Creditor issued a recall notice, as well as legal notice for the repayment of the outstanding amount but the Corporate Debtor failed to pay the outstanding loan amount - It is also noted that the respondent, Corporate Debtor chose not to appear and contest this application even after sufficient opportunities were given whereby this Adjudicating Authority, vide order dated 26.11.2021, passed an order to proceed ex-parte against the respondent Corporate Debtor. It is established from the record that there is default of amount of ₹ 89,75,40,237.91/-, along with the interest thereon, and the respondent Corporate Debtor has failed to pay the amount even after number of reminders and notice. Moreover, the Corporate debtor had itself admitted the debt of the Financial Creditor vide letter dated 25.08.2018. This application is otherwise complete and defect-free. The amount of default meets the threshold limit as prescribed under Section 4 of the Code and is within the limitation to initiate the CIRP against the Corporate Debtor. Application admitted - moratorium declared.
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