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2018 (5) TMI 171 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - proof of occurrence of default - Held that:- Considering the voluminous evidences annexed along with the Application and in the light of the provisions of Section 10 of The Code hereby hold that the conditions as prescribed under section 10 of The Code have duly been fulfilled. Since this is a Petition of “Corporate Debtor”, therefore, the Insolvency Process shall commence as prescribed under Section 10 of IBC 2016. On one hand the existence of Financial Debt as well as Operational Debt is proved, on the other hand the occurrence of “default” is also established. The Corporate Debtor had failed to pay the amounts due and also failed to adhere to or comply with the other terms of Facility agreements. The Financial Debts have been classified as “Non-Performing Asset” in the books of the Financial Creditor. The Petition under consideration therefore deserves “Admission”. The Corporate Debtor has intimated the name of the IRP Mr. Vijaykumar V. Iyer, Address: Deloitte Touche Tohmatsu India LLP, Indiabulls Finance Centre, Tower 2, 27th Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, email: viyer@deloitte.com, Registration No. IBBI/IPA-001/IP-P00261/2017-18/10490 in Part-II of Form No.6 and the said IRP has given his consent in Form No.2, placed on record. The Petition is hereby “Admitted”.
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