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2018 (5) TMI 694 - Tri - Insolvency and BankruptcyCorporate insolvency process - existence of eligible outstanding debt - Held that:- The revenue as well as the accumulated loss and liability of the corporate debtor as compared to revenue receipts is much more for which there is need for initiation of resolution process. So this is a fit case for setting in motion the insolvency resolution process as contemplated under the Code. The applicant-corporate debtor has proposed the name of Mr. Ashutosh Mishra to act as Interim Resolution Professional which the corporate debtor is mandatorily required to propose in accordance with clause (b) of Section 10 (3) of the Code. On perusal of the written communication in Form 2 at page 18 of the paper book, furnished by the proposed Interim Resolution Professional, the same is found to be in order. The applicant-company save some sketchy particulars and 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 Applicant Company/Corporate Debtor. Instant petition is admitted. Moratorium declared accordingly.
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