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2017 (12) TMI 1243 - Tri - Insolvency and BankruptcyCorporate insolvency process - Held that:- The Corporate Insolvency Resolution Process is aimed to revive the Company. In case if no Resolution Plan is there or in case the Resolution Plan is not approved by this Adjudicating Authority, then all the Creditors can claim the amounts from the assets of the Corporate Debtor as per the provisions of the Insolvency Code. Therefore, the admission of the Petition is not going to cause any prejudice to any of the Financial Creditors and at best it may cause delay of about six months in recovering their debts which they can realize later on also. Moreover, the Petitioner furnished the required information as per sub-section (3) of Section 10. Therefore, the Application is complete. The material on record establish that the Corporate Debtor has committed default in payment of financial debts as well as operational debts. In view of the above discussion, this Petition is admitted under Section 10(4)(a) of the Code. The Petitioner proposed the name of CA Prem Laddha as ‘Insolvency Resolution Professional’. Hence, this Adjudicating Authority hereby appoint, CA Prem Laddha having address at 304, Abhijit-3, Above Pantaloon, Mithakhali, Law Garden Road, Ellisbridge, Ahmedabad with Registration No. IBBI/IPA-001/IP-P00060/2016-17/10138 as ‘Interim Insolvency Resolution Professional’ under Section 13(l)(c) of the Code. The Interim Insolvency Resolution Professional is hereby directed to cause a public announcement of the initiation of ‘Corporate Insolvency Resolution Process’
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