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2022 (7) TMI 198 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCHMaintainability of application - initiation of CIRP - Corporate Applicant has committed a default in repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- It is noted that the Corporate Applicant is a wholly-owned subsidiary of EIDCL, which is a subsidiary of IL & FS. The Corporate Applicant has committed the default in paying the debts, borrowed from the Financial Creditors and Operational Creditors to the tune of Rs. 271,62,98,645/-. The Corporate Application has also served a copy of this application to the IBBI in Form 1A. The name of the IRP has also been proposed as per Section 10(b) of the IBC, 2016 - The default amount meets the threshold limit as prescribed under Section 4 of the IBC, 2016. The default claimed in the application is well within the limitation period to initiate the CIRP proceeding. The application is otherwise complete and defect-free. Application admitted - moratorium declared.
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