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2019 (3) TMI 1684 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor committed default in paying financial debt - existence of debt and dispute or not - defence raised is that the High Court admitted the Petition of winding up of the Corporate Detor filed by one of its other creditors - Section 7 of Insolvency and Bankruptcy Code - HELD THAT:- The proceeding under Section 7, 9 or 10 of Insolvency and Bankruptcy Code is maintainable and can be proceeded with irrespective of the fact that winding up petition of the Corporate Debtor is admitted by that High Court. The proceeding under Insolvency and Bankruptcy Code will not be maintainable only if order of winding up of the Company is passed by Hon'ble High Court. In this case, Hon'ble High Court admitted the Petition for winding up of the Corporate Debtor. No doubt Provisional Liquidator is also appointed but final order of winding up has not been passed and Official Liquidator has not been appointed - It is settled law as declared by the Apex Court that the proceeding under I & B Code will not be maintainable only if final order of winding up is passed by the High Court - this application filed by Financial Creditor under Section 7 of Insolvency and Bankruptcy Code is maintainable. Application admitted - moratorium declared.
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