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2022 (5) TMI 870 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- From the contents of the counter it is clear that there is an admission of debt and also the default. The reasons put forth for not being able to discharge the debt, unfortunately cannot be considered within the frame work of IBC. What Section 9 requires is only default on the part of the Corporate Debtor, for initiating CIRP. At the hearing, no argument was made against the default in discharging the debt. Hence, since there is acknowledgement of debt in clear terms and also default, there need not be any further discussion and demur to allow the Application. Petition admitted - moratorium declared.
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