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2018 (11) TMI 1631 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - section 7 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code 2016) r/w rule 4 of Insolvency & Bankruptcy (Application to “Adjudicating Authority”) Rules, 2016 - default by the Corporate Debtor - HELD THAT:- Tribunal observes that there is a debt due payable by the Corporate Debtor and that a default has occurred which the Corporate Debtor was responsible to pay. The date of occurrence of default shall be 31.12.2015. We are of the opinion that the Applicant Bank has established that the amount in default committed by the Corporate Debtor is a fact and it is supported by the documentary evidence placed before this Adjudicating Authority. In this regard the Tribunal observes that the ₹ 1 Crore received from the CD shall be excluded in the amount claimed and the FC shall proceed against the CD for the remaining amount. (₹ 9,18,20,789). The instant petition is admitted and we order the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day this order is passed - Mr. V. Venkata Siva Kumar, as Interim Resolution Professional (IRP) as proposed by the Applicant is appointed - moratorium declared.
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