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2017 (10) TMI 758 - Tri - Insolvency and BankruptcyInsolvency resolution process - Held that:- As heard learned Counsel for the 'Financial Creditor' who has taken us through the various paras of the application as already recorded in the preceding paras from the perusal of the record. We are satisfied that the 'Financial Creditor' has proved by overwhelming evidence that default has occurred. Accordingly, the application for initiation of Corporate Insolvency Resolution Process under section 7 is admitted and Mr. Sanjay Gupta, Registration No. IBBI/IPA-001/IP- P00117/2017-18/10252 is appointed as Interim Resolution Professional. In pursuance of Section 13(2) of Code, we direct that public announcement shall be immediately made by the Interim Resolution Professional with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code.
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