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2017 (9) TMI 278 - Tri - Insolvency and BankruptcyInitiating the insolvency resolution process under Section 7 of the Insolvency & Bankruptcy Code, 2016 - petitioner proves to be a “Financial Creditor” - Held that:- Once the petitioner is proved to be a “Financial Creditor” and there being abundant evidence to determine the existence of default committed by the “Corporate Debtor”, the application under Section 7 of the Code is maintainable. Sub-section (4) of Section 7 of the Code reads as under:- “The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor under sub-section (3).” In this case, the record relied upon by the “Financial Creditor” establishes the existence of default and the other conditions being satisfied, the instant petition deserves to be admitted. It is found that the application filed in the prescribed proforma is complete in all respect. Instant petition is admitted declaring the moratorium as determined.
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