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2018 (5) TMI 2050 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make payment of its dues - Section 10 of Insolvency Code to be read with Rule-7 of Insolvency and Bankruptcy Rules, 2016 - HELD THAT:- It is amply demonstrated that the Applicant is indebted of Financial Creditors as well as Operational Creditors. All such evidences have also established that there was occurrence of "default' in payment of outstanding Debt. The Debt amount is substantially large and prima facie the Debtor appears to be unable to pay-off the Debt due to precarious financial condition. As a consequence, the present Petition U/s.10 of the I&B Code as filed by the Corporate Debtor itself deserves to be admitted. Application admitted - moratorium declared.
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