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2017 (10) TMI 1532 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Application rejected on the ground that the Respondent-'Financial Creditor' failed to produce the record or evidence of default in terms of Clause (a) of sub-section (3) of Section 7 of the 'I&B Code' - HELD THAT:- In the present case, the Appellant-'Corporate Debtor' has enclosed the application preferred by the Respondent-'Financial Creditor' under Section 7 in Form 1 as Annexure-A- 13 (Colly.). Therein the Respondent'Financial Creditor' at Part V has given the details of the particulars of the 'Financial Debt' (Documents, Records and Evidence of default). In support of the details of security held by or created for the benefit of the 'Financial Creditor' 'mortgages', 'guarantees', 'share pledge' etc. has been shown. The application preferred by the Respondent-Financial Creditor' under section 7 in Form 1 is complete and there are records of debt and records of default - the Adjudicating Authority rightly admitted the application and passed the order of moratorium and prohibitory orders in accordance with 'I&B Code' - Appeal dismissed.
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