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2019 (3) TMI 1780 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - bar on the remedy provided for resolution of insolvency - existence of debt and default - HELD THAT:- The RBI Circular dated 12.02.2018 does not create any bar on the remedy provided for resolution of insolvency in accordance with the provisions of the Code. The arguments raised by Dr. Chaudhary, learned senior counsel for the Corporate Debtor would not require any detailed examination. In Jaipur Metals & Electricals Employees Organisation [2018 (12) TMI 674 - SUPREME COURT ], the view of Hon 'ble the Supreme Court is crystal clear. In paras 19 and 20 of the judgment it has been categorical held that the proceedings under the IBC is an independent proceeding which has nothing to do with the transfer of pending winding up proceedings before the High Court. It further clarifies that a Financial Creditor is at liberty to apply under Section 7 of the Code to the Tribunal at any time before a winding up order is passed. It is patent that all requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution Process by a Financial Creditor stand fulfilled. In that regard, the application is complete as per the requirements of Section 7 (2) of the Code and other conditions prescribed by Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is overwhelming evidence to prove default and name of the resolution professional has also been clearly specified - petition admitted - moratorium declared.
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