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2018 (12) TMI 1671 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI BENCHAdmissibility of application - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor - inability to liquidate debts - Section 8 of the Insolvency & Bankruptcy Code - HELD THAT:- On being served through the process of Bench, the Corporate Debtor entered appearance through their counsel, Mr. Simran Jot Singh. Ld. counsel has candidly admitted the claim made by the Operational Creditor and has expressed their inability to liquidate the same. This is corroborated by the Minutes of Meeting of the Board of Directors convened on 6th November, 2018, wherein it was resolved that the default in payment of the amount claimed in the petition be admitted. Copy of the resolution has been placed on record. In view of the categorical admission of the Corporate Debtor expressing its inability to liquidate the amount claimed, the prayer of the Operational merits consideration and is hereby being admitted - the petition is Admitted.
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