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2017 (10) TMI 911 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - default committed by corporate debtor - Held that:- The default has been committed by the Corporate Debtor in making payment of the outstanding debt to the Financial Creditors/Applicants. The default committed by the Corporate Debtor is not denied. Thus, the Financial Creditor has fulfilled all the requirements of law and has also proposed the name of IRP after obtaining the written consent in Form-2. We are satisfied that Corporate Debtor has committed default in making payment of the outstanding debt to the Financial Creditors. Therefore, CP/551/(IB)/CB/2017 is admitted and we order the commencement of the Corporate Insolvency Resolution Process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. We appoint Mr. Venkataramanarao Nagarajan, as IRP as proposed by the Financial Creditors. There is no disciplinary proceedings pending against the IRP as evidenced from Form-2 and his name is reflected in IBBI website. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. We declare the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I&B Code, 2016
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