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2018 (1) TMI 1365 - Tri - Insolvency and BankruptcyCorporate insolvency process - default in making payment of dues - Held that:- From the documents placed on file and the arguments submitted by the Counsel for the Operational Creditor and Ld. Sr. Counsel for the Corporate Debtor, this Authority is satisfied that the Corporate Debtor defaulted in making payment of the outstanding debt claimed by the Operational Creditors. The Operational Creditors have fulfilled all the requirements of law. Therefore, CP is 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. The moratorium is hereby declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I&B Code, 2016.
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