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2017 (7) TMI 1352 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of ts debt - corporate debtor has filed objection mainly on the ground that no specific power of attorney has been granted by the applicant BOB for initiation of corporate insolvency process - HELD THAT:- On the basis of documents filed by the financial creditor, it is clear that corporate debtor has committed default in making payment of ₹ 97,71,34,082/- and, therefore, the financial creditor has filed the application under Sec. 7 of the Code for initiating corporate insolvency resolution process. So, the petition deserves to be admitted. Financial creditor has proposed the name of Mr. Vijaykumar V. lyer as IRP who is competent to work as IRP. Therefore, he also deserves to be appointed as Interim Resolution Professional. Petition is admitted.
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