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2017 (7) TMI 1063 - Tri - Insolvency and BankruptcyCorporate insolvency resolution process - Held that:- We are satisfied that the 'Financial Creditor' has proved by overwhelming evidence that default has occurred, which meets the requirement of Section 3(11) & (12) read with Section 7(3)(a) and Section 7 (5) of the Code. We further find that the application is complete in all respects as the Insolvency Professional, Mr. Mahender Kumar has also been propose. As a sequel to the above discussion, this petition is admitted and Mr. Mahender Kumar Khandewal, 703, 7th Floor, New Delhi House, Barakhamba Road, Connaught Place, New Delhi-110 001, md@varrenyam.net.in, whose name also figures in the latest list of Insolvency Professionals issued by the Insolvency & Bankruptcy Board of India is appointed as an Interim Resolution Professional. In pursuance of Section 13 (2) of Code, we direct that public announcement shall be immediately made by the Interim Resolution Professional with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d).
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