Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2017 (12) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 239 - Tri - Insolvency and BankruptcyCorporate insolvency resolution process - Held that:- The financial creditor has produced sufficient evidence of default which is rather not in dispute. The Interim Resolution Professional has been proposed and written communication in Form No.2 has already been furnished by the proposed Interim Resolution Professional and as already observed, the same is in order. Necessary declaration has been given in the application form by the authorised representative to the effect that to the best of his knowledge the proposed IRP is fully qualified and permitted to act as a Resolution Professional in accordance with the provisions of the Code read with Rules and Regulations framed thereunder. Sub-section (4) of Section 7 of the Code requires the adjudicating authority to ascertain the existence of a default from the records of information utility or on the basis of other evidences. There is no dispute about the fulfilment of the aforesaid requirement by the financial creditor. Apart from the statement of accounts maintained by the Bank, the CIBIL report (Annexure-80) has also been obtained by the Bank with regard to the default. In view of the aforesaid discussion, the default having occurred and the application being complete, the instant application deserves to be admitted. The petition is, therefore, admitted declaring the moratorium prohibiting all of the following as provided in section 14(1) of the Code
|