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2018 (11) TMI 1646 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI.Admissibility of petition - Initiation of Corporate Insolvency Resolution process - existence of default - HELD THAT:- A default has occurred and the present application under Section 10 is complete and that the applicant is not ineligible under Section 11 of the Code. Further all requirements prescribed under sub-section 3 (a) and (b) of Section 10 of the Code have also been complied with. The Insolvency and Bankruptcy Code, 2016 is a complete Code in itself. The provisions of the Code are to be mandatorily followed. Adherence to the statutory requirements has to be in toto. Section 10 (4) (a) of the Code mandates the Adjudicating Authority to admit the application if it is complete. When the language of the Code is clear and explicit, the Adjudicating Authority must give effect to it, whatever be the consequences. The present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present petition is Admitted - Moratorium also declared.
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