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2017 (12) TMI 1036 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHICorporate Insolvency Resolution Process - default in payment of huge debt - Held that:- The record of the financial debt as per the Books of the Corporate-Applicant; certificate of eligibility of the Interim Resolution Professional, updated Books of Account showing default; copies of the audited financial statement for the Financial Year ending 31.03.2016 and 31.03.2017 all have been placed on record. The copies of notices issued by the financial creditors and recovery certificate issued against Applicant Company can be termed as conclusive proof of default. There has been admission of default also. In the light of default in payment of such huge debt, it has been submitted that the applicant company is in dire need of a resolution plan in the interest of all the stakeholders. The present application has been filed in requisite form-6 containing the required particulars in terms of sub-section (2) of Section 10 of the Code. The applicant satisfies all the statutory requirements. Therefore, we are inclined to admit the application. In view of the above, we are satisfied that the present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present application is admitted under section 10(4)(a) of the Code. The corporate insolvency resolution process shall commence from the date of this order as per sub-section (5) of Section 10 of the Code.
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