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2017 (3) TMI 1707 - Tri - Companies LawCorporate insolvency process - Held that:- Insolvency Resolution Process as contemplated under the IBC is for the benefit of all stakeholders including the Corporate Debtor as the very Scheme of the IBC contemplates not only the insolvency resolution process being put in motion by a financial or operational Creditor but also the Corporate Debtor itself and this Tribunal has to take a holistic view in entertaining the petition keeping in mind the interest of all the stake holders. In view of the pending SARFAESI proceedings initiated by the Financial Creditor herein it is no doubt evident that the assets of the Corporate Debtor are being put to coercive action which is detrimental to the Corporate Debtor, particularly when possession is in the hands Financial Creditor. We are inclined to admit the Petition as well as grant a moratorium in terms of Section 14 of the IBC to be enjoyed by the Corporate Debtor. The Interim Resolution Professional proposed in Form I of the petition who has also given his consent as prescribed in Form 2 is hereby appointed as the Interim Resolution Professional to exercise all powers and subject to all duties as contemplated under the provisions of the IBC.
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