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2017 (8) TMI 1258 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIInitiating Insolvency Resolution Process against the Applicant Company - issuance of directions activating the moratorium under Section 14 - Held that:- The petitioner has disclosed all the details required by Section 10 of the Code read with Rule-7 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The particulars of the corporate applicants and those of the financial debt have been disclosed in all material particulars. The name of the Interim Resolution Professional has also been proposed. The record of the financial debt as per the Books of the Corporate-Applicant; and record of the 'Operational Debtors'; certificate of eligibility of the Interim Resolution Professional, Books of Accounts showing default; copies of the audited financial statement for the Financial Year ending 31.03.2016 and 31.03.2015. (Annexure - P) all have been placed on record. A list of assets and liabilities as on 31.03.2016 has also been disclosed. The petitioner satisfies all the statutory requirements. The respondent has not been able to point out any defect warranting refusal to admit the petition. Therefore, we are inclined to admit the petition. As a sequel to the above discussion, the petition is admitted. As a necessary consequence, we declare a moratorium for the purposes referred to in Section 14 of the Code and direct the Interim Resolution Professional to make a public announcement of the initiation of corporate Insolvency Resolution Process and call for the submission of claims under Section 14 of the Code. The moratorium as contemplated in Section 14 shall come in operation with the exceptions as enumerated in Section 14(2) and (3).
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