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2017 (2) TMI 1407 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA BENCHCorporate Insolvency Resolution Process - Declaration of moratorium and public announcement - Held that:- In response to the demand notice dated 25th January, 2017 given by the applicant, the operational creditor vide their letter dated February 6, 2017 has written to the applicant that the company is badly suffering from financial crisis and due to various reasons, it has resulted in erosion of the company's net worth and has been referred to BIFR and the reference pending before the BIFR has been abated and revival of the corporate debtor under the relevant provision of SICA Act has been jeopardised and everything is at standstill. However, in consultation with the company's legal advisors, the company is seeking their guidance to revive the company under the guidance of the Adjudicating Authority under the IBC, 2016. Finally, they sought some breathing time and assured the operational creditor that the payment of all dues will be made. In the circumstances mentioned above, we admit the petition for initiating the Corporate Resolution Process and declare a moratorium and public announcement as stated in section 13 of IBC 2016
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