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2017 (7) TMI 926 - Tri - Insolvency and BankruptcyInitiation of insolvency process - Insolvency and Bankruptcy Code 2016 - Held that:- Insolvency process deserves to be initiated as the requirements of Section 10 of the Code and Rules framed thereunder have been fulfilled. A perusal of section 10 would show that a corporate debtor may file such application for initiating the insolvency resolution process where it has committed a default. It is required to furnish information relating to its books of account and the documents relating to the period as may be specified. A perusal of the paper book would show that books of account and other attendant documents have been filed and an Interim Resolution Professional has also been proposed. The petitioner itself has admitted default. Accordingly, we hold that the Petition merits admission and the same is accordingly admitted. Keeping in view the object of the 'Code' namely to get rid of 'NPA' accounts and allow the dead investment to come into circulation. We were in fact disposed to the view of refusing Moratorium in the present case for the above reasons but have not taken that extreme view. However, the resolution in the present case must conclude within 180 days. No further time would be warranted unless creditors decide otherwise. The Interim Resolution Professional shall perform all other duties cast upon him in accordance with the provisions of the code like making of public announcement, taking over the affairs of the management of the corporate debtors and many other duties as per the Code. The operational creditors in IB No.20(PB)/2017 may file its claims before the Insolvency Resolution Professional in accordance with the public notice to be issued like all other claimants. As a sequel to the above discussion is admitted and is disposed of as such. However, IB No.20(PB)/2017 is dismissed with the observation that 'operational creditor' therein may file its claim before the Insolvency Resolution Professional, as per the public notice which is likely to be issued.
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