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2017 (12) TMI 1565 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - default in making payment of the outstanding debt claimed - Held that:- Operational Creditor has complied with Section 9 (3) (b) 85 (c) of the I&B Code, 2016, by filing Affidavit and Bank certificate which are placed at pages 13 and 22 respectively of the typed set filed with the Application. Under para 4 of the Affidavit, it has been stated that the Corporate Debtor has failed to bring to notice of the Operational Creditor, the existence of a dispute or a pendency of a suit or arbitration proceedings filed before the service of the Demand Notice. The Operational Creditor has fulfilled all the requirements of law for admission of the Application and has also proposed the name of IRP after obtaining the written consent in Form-2, which is placed at page 16 of the typed set filed with the Application. This Bench is satisfied that the Corporate Debtor has committed default in making payment of the outstanding debt claimed by the Operational Creditor. Application admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed.
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