Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2017 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 1779 - Tri - Insolvency and BankruptcyInitiating Corporate Insolvency Resolution Process - Held that:- As decided in ICICI BANK LTD. VERSUS M/S. INNOVENTIVE INDUSTRIES LIMITED [2017 (1) TMI 1218 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI] Adjudicating Authority has to satisfy only about the existence of the default and whether the Application is complete in all respects or not. In the case on hand, the Application is complete in all respects. As can be seen from the Written Communication, no disciplinary proceedings are pending against the Interim Resolution Professional proposed by the Applicant. Respondent Company committed default in repayment of the loan amount-Financial Debt. In view of the above discussion, this Application deserves to be admitted and it is accordingly admitted under section 7(5) of the Code.
|