Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2017 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 1387 - Tri - Insolvency and BankruptcyCorporate insolvency procedure - Insolvency and Bankruptcy Code, 2016 - proof of eligible debt - Held that:- Petitioner has disclosed all the details required by Section 10 of the Code read with Rule-7 of Rules. The particulars of the corporate applicant 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 Account showing default; copies of the audited financial statement for the Financial Year ending 31.03.2016 and 31.03.2017 all have been placed on record. A list of assets and liabilities as on 31.07.2017 has also been disclosed. It has been submitted that the applicant company is in dire need of a resolution plan in the interest of all the stakeholders. The present application has been filed in the requisite form-6 containing the required particulars in terms of sub-section (2) of section 10 of the Code. The petitioner satisfies all the statutory requirements. Therefore, we are inclined to admit the application. In view of the above, we are satisfied that the present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present application is admitted under section 10(4)(a) of the Code. The corporate insolvency resolution process shall commence from the date of this order under sub-section (5) of section 10 of the Code. Moratorium in terms of section 14 of the Code is being issued respectively.
|