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2018 (8) TMI 1949 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- The basic factors with regard to disbursement of loans in question; debt and default, are not in dispute except with regard to delay in disbursement of loan in question, further funding etc. Therefore, the Adjudicating Authority has to examine, whether the instant Company Petition is filed in accordance with the provisions of 7 of the Insolvency and Bankruptcy Code, 2016 or not. The Adjudicating Authority/ Tribunal has to examine the instant case with regard to default, Application/ petition is complete/ incomplete, such default is supported by evidence; and has named Interim Resolution Professional. The instant Company Petition is filed by Axis Bank (Financial Creditor) strictly in accordance with provisions of Section 7 of Code by interalia producing record of default as per the Bank Statement; suggested Mr. Sundaresh Bhat, as Interim Resolution Professional , who has filed Written Communication, under Rule 9 of I & B(AAA) Rules, 2016 by interalia declaring that he is a qualified Insolvency Resolution Professional Registered with IBBI/IPA-OOI/IPP00077-18/ 10162 and he is not undergoing any disciplinary proceedings, expressing willingness to act as such etc. Application is admitted - moratorium is declared.
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