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2017 (7) TMI 970 - Tri - Insolvency and BankruptcyInitiating corporate insolvency resolution process under Sections 10 of the Insolvency and Bankruptcy Code, 2016 - Held that:- The figures extracted indicate the losses and fall in revenue considerably. The 'Applicant Company' is facing the notice under SARFAESI Act, 2002, apart from huge amount of default committed in respect of operational creditors. In view of the aforesaid discussion, the instant petition deserves to be admitted. It is, however, observed that the Applicant Company save some sketchy particulars has not given any road map as to how it is going to keep itself afloat as a going concern. However, keeping in perspective the objects for which 'the Code' has been brought into force and to balance the interest of all stakeholders, it is satisfied that the instant application warrants lo be admitted to prevent further erosion of capital and to safeguard the assets of the Applicant Company/Corporate Debtor. Also declare a moratorium as contemplated under Section 14 of 'the Code'
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