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2018 (12) TMI 1967 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI PRINCIPAL BENCHMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The provisions of Section 7 (2) and Section 7 (5) of IBC have been complied with as discussed in detail in the case of ECL FINANCE LIMITED VERSUS DIGAMBER BUILDCON PVT LTD [2018 (11) TMI 1741 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI] are complied with where it was held that It is evident from the record that the application has been filed on the Performa prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of IBC. We are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete. A conjoint reading of the aforesaid provision would show that form and manner of the application has to be the one as prescribed. It is evident from the record that the petition has been filed on the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of IBC. We are satisfied that amount was duly disbursed and a default has occurred. The petition under sub section 2 of Section 7 is complete as no disciplinary proceedings are pending against the proposed Interim Resolution Professional. Thus, the petition warrant admission. Petition admitted - moratorium declared.
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