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2017 (8) TMI 1543 - NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, MUMBAIInitiation of Corporate Insolvency Resolution Process - Corporate Debtor - main argument of the Petitioner is that, if time be granted then the finances of the Company can be restructured and the Loan can be repaid - HELD THAT:- It is justifiable to invoke the provisions of section 10 of The Code. The position of accounts have demonstrated that the Corporate Debtor have committed default in repayment of Debt to the Banks and the private investors. A timely intervention is now required. The Management of the Corporate Debtor having the complete information of the financial affairs of the Corporate Debtor is directed and should cooperate in submitting the total data to IRP without fail because time is the essence in the proceedings to be initiated under IB Code. A Committee of Creditors to be constituted which shall comprise Financial Creditors. The application under section 10 of The Code is hereby “Admitted” - The “Moratorium” shall commence henceforth.
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