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2018 (10) TMI 1743 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of CIRP - Respondent defaulted in making payment including interest - section 7 of the Insolvency & Bankruptcy Code, 2016 read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority), Rules 2016 - HELD THAT:- This Adjudicating Authority, on perusal of the documents filed by the Petitioner, is of the view that the Corporate Debtor defaulted in repaying the loan availed and also placed the name of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings pending against the proposed resolution professional, therefore the Application under sub-section (2) of section 7 is taken as complete, accordingly this Bench hereby admits this Petition, subject to imposing conditions. Petition admitted.
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