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2019 (1) TMI 1680 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - default due and payable by the corporate debtor - financial creditor - 'allottee' under a 'real estate project' - existence of debt and dispute or not - HELD THAT:- The provisions of Section 7 (2) and Section 7 (5) of IBC have been complied. After a conjoint reading of the aforesaid provision along with Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, it can be concluded that a default has occurred and the application under sub-section 2 of Section 7 is complete. The name of the IRP has been proposed and there are no disciplinary proceedings pending against the proposed Interim Resolution Professional. Petition admitted - moratorium declared.
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