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2018 (7) TMI 2133 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Default in the payment of interest and principal amount - account of the corporate debtor was classified as NPA - Section 13(2) of the SARFAESI Act, 2002 - Section 7 of I&B Code - HELD THAT:- The evidence of default has been furnished in Part IV of Form 1 and the account is stated to be classified as NPA on 30.08.2017. The bank account statements maintained as per the provisions of Bankers Books Evidence Act, 1891 are stated to be attached as Annexure 1/6 of the petition. The computation chart as required in Col.2 of Part IV of Form 1 has been filed by diary No.710 dated 12.03.2018 as discussed above. Therefore, this defect was also removed. The name of the resolution professional proposed to act as Interim Resolution Professional has been proposed in Part III of Form 1 and Form 2 has also been filed - the requirement of Rule 4(3) of the Rules regarding forwarding copy of the petition to the corporate debtor has also been met in the present case. The contention of the corporate debtor that the present petition is not maintainable and the re-structuring proposal is required to be first considered cannot be accepted - the application submitted by the operational creditor is complete in all respects and there is no defect pointed out by the corporate debtor. It is also proved that payment of the unpaid operational debt has not been made. Application admitted - moratorium declared.
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