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2019 (10) TMI 1294 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to repay its debt - financial debt - existence of debt and default - HELD THAT:- There is existence of financial debt as made available by FC namely, the home buyer/Applicant herein and in view of non delivery of the possession of the time prescribed under the Agreement as entered into between the as non- refund of the amount paid, there is an existence of default as defined under Section 3(12) of IBC, 2016, and in the circumstances the Application is admitted and the Corporate Insolvency Resolution Process (CIRP) stands initiated in relation to the CD - Since the Applicant has proposed the name of Mr.Sunil Prakash Sharma as the IRP, he is appointed as the IRP. Application admitted - moratorium declared.
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