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2022 (4) TMI 996 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Non-performing asset - existence of debt and dispute or not - HELD THAT:- This Application was filed on 19.10.2021 and notice was issued to the parties. When the matter was listed for admission on 30th November 2021 Adv. Peer Mohammed Khan appeared through Video Conferencing and stated that he represents the Corporate Debtor and has undertaken to file the vakkalath. He has also taken time to file a reply statement. The matter was adjourned to 20th December 2021. However, none appeared for the Respondents and no vakkalath has been filed. Thus, this Tribunal directed the Financial Creditor to issue fresh notice to the Corporate Debtor and the matter was adjourned to 19th January 2022 - The learned counsel for the Financial Creditor stated that the proof of publication has already been filed by him. However, the Corporate Debtor did not appear, and hence the Corporate Debtor was set ex-parte vide order dated 08th March 2022. In the absence of Corporate Debtor, reliance placed on Section 5 (7) and (8) of Insolvency and Bankruptcy Code, 2016 to satisfy the definition of Financial Creditor and Financial Debt. Further, reliance placed on Section 7 of the Code to determine whether the process for initiation of CIRP was followed by the Operational Creditor or not. It also appears that the claim amount in this application is ₹ 1,08,58,311.16/- which satisfies the minimum requirement of ₹ 1 Crore to file an Insolvency Application. Therefore, in all counts, the instant Application deserves to be admitted. Application admitted - moratorium declared.
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