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2022 (7) TMI 201 - NATIONAL COMPANY LAW TRIBUNAL , CHANDIGARH BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - whether the present application is filed within limitation? - HELD THAT:- It can be seen from the records that the date of default is 01.04.2019 and the present petition is filed vide Diary No. 01959 dated 24.12.2020. Therefore, the present petition is filed within limitation. Whether there is default in payment or not? - HELD THAT:- In the present case, the occurrence of default is evidenced by the copy of the loan agreement and arbitration award and the same are attached as Annexure-A-5 and Annexure-A-7 respectively of the petition. The respondent-corporate debtor has also filed a reply wherein it has been admitted that there is default in respect of financial debt and amount mentioned in the petition is due towards the petitioner and shown its incapacity to pay the liability. The application filed in the prescribed Form No.1 is found to be complete. Another condition is that there are no disciplinary proceedings pending against proposed Resolution Professional. In the present case, in Part III of Form 1, Mr. Pawan Sharma has been proposed as Interim Resolution Professional. The present petition being complete and having established the default in payment of the Financial Debt for the default amount being above threshold limit, the petition is admitted in terms of Section 7(5) of the IBC. Moreso, the respondent has admitted the claim and expressed its inability to pay back the debt - Petition admitted - moratorium declared.
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