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2017 (11) TMI 231 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARHCorporate insolvency resolution process - Held that:- As total amount of default in respect of Financial Creditor is ₹ 18,28,06,681.30 and for the unsecured loan the amount in default is ₹ 5,49,78,143/-. The amount in default towards Operational Creditors is ₹ 46,55,411/-. The company has not accepted any public deposits. In view of the above discussion, the instant petition deserves to be admitted. It is, however, observed that the Applicant Company save some sketchy particulars has not given any road map as to how it is going to keep itself afloat as a going concern. However, keeping in perspective the objects for which ‘the Code’ has been brought into force and to balance the interest of all stakeholders, we are satisfied that the instant application warrants to be admitted to prevent further erosion of capital and to safeguard the assets of the petitioner-Corporate Debtor.The petition is, therefore, admitted and the moratorium is declared in terms of Section 14 of Code.
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