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2022 (7) TMI 308 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCHMaintainability 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:- There are no hesitation to hold that the applicant has established financial debt of a sum of over Rupees one crore payable by the Corporate Debtor. The Demand Notice dated 12.05.2014 issued under section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 issued to the Corporate Debtor remained uncomplied. The Financial Creditor has also offered OTS to the Corporate Debtor. However, the Corporate Debtor failed to make payment in terms of the approved OTS. The Balance Sheet of the Corporate Debtor for the year 2016-2017 filed by the Corporate Debtor at pages 601-635 also disclosed financial debt of the Corporate Debtor in favour of the applicant - Therefore, this record clinchingly establishes not only the existence of financial debt but also its default by the Corporate Debtor. Therefore, this Tribunal is satisfied, a financial debt due and payable by the corporate debtor to the applicant and its default stands established, hence it is a fit case to put the Corporate Debtor in CIRP. Petition admitted - moratorium declared.
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