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2017 (11) TMI 1611 - Tri - Insolvency and BankruptcyCorporate insolvency procedure - Held that:- The Applicant has proved that there is a debt due payable by the Respondent/CD and they have defaulted in making payments even after entering into the Restructuring Agreement and Respondent is responsible to pay. The objections raised by Counsel for the Respondent are not valid ground for rejection of the instant petition. Further, the case laws referred by the Applicant are supporting the submission that the bonafide mistake can be corrected and therefore the contention of the Respondent is not tenable and the entire case of the Applicant cannot be brushed aside at the threshold itself for a simple bonafide and curable mistake. In these circumstances the present name of the applicant is amended as prayed. Therefore, in view of the above the instant petition is admitted and order commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day this order is passed.
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