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2017 (11) TMI 164 - Tri - Insolvency and BankruptcyCorporate Insolvency resolution process - Held that:- As objected by the corporate debtor that certification of the proposed Interim Resolution Professional (IRP) is not in conformity with the requirement of the Code and the application filed by the applicant bank is incomplete in this aspect. From the perusal of records, it is seen that the Applicant Bank and the proposed IRP were directed to take necessary steps to remove the defect and file proper certification vide order dated 08.09.2017. In compliance of the order dated 08.09.2017, an amended Form-2 has been duly filed by the Applicant Bank on 14.09.2017, which is on record. Hence, it is seen that the defect pointed out by the corporate debtor has since been cured. Under sub-section 5(a) of Section 7 of the Code, the application filed by Financial Creditor under Section 7 is admitted on satisfaction that: I. Default has occurred, II. Application is complete, and III. No disciplinary proceeding against the proposed 1RP is pending. In the case in hand the respondent company has committed a default in repayment of the outstanding amount. Moreover, the application of the financial creditor is complete and there is no disciplinary proceeding pending against the proposed IRP. We are satisfied that the present application is complete and the applicant financial creditor is entitled to claim its outstanding financial debt due to the corporate debtor and that there has been a default in payment of the financial debt. Therefore, in terms of Section 7(5)(a) of the Code, the present application is admitted. A moratorium in terms of section 14 of the Code is being issued.
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