Corporate Insolvency Process Begins Due to Cheque Dishonor and Loan Acknowledgment; No Default Date in Agreement.

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....Initiation of CIRP - admission of debt - dishonouring of the three cheques with the comments “Account Closed” - While no date of default is mentioned in the promissory note or any other document such loan agreement has been produced, we are of the view that corporate debtor’s letter dated 7.6.2016 states very clearly the existence of the loan and also the fact that on depositing the cheque with the bank of Respondent No. 2, the same will definitely be honoured and the dishonouring of cheques will be taken as default for which the financial creditor can take legal action. - AT....