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2018 (11) TMI 110 - Tri - Insolvency and BankruptcyInitiation of corporate insolvency resolution process by financial creditor - Held that:- Financial Creditor has succeeded to make out a case for triggering the Corporate Insolvency Resolution Process. To succeed a Financial Creditor must satisfy the requirements of Section 7 (2) and Section 7 (5) of the Code and the Adjudicating Authority-NCLT has to record a finding to that effect. It would be imperative to examine the provisions of Section 7 (2) and Section 7 (5) of IBC. A conjoint reading of the aforesaid provision would show that form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, read with Section 7 of the Code. We are satisfied that a default amounting to lacs of rupees has occurred within the meaning of Section 4 of the Code and the application under sub-section 2 of Section 7 is complete; and no disciplinary proceedings are pending against the proposed Interim Resolution Professional. Thus, the application warrant admission. Thus the petition is complete from all angles. This petition is admitted and Mr. Manoj Kulshrestha, F4-CC-14, Ansal Plaza, (Opp. Dabur), Vaishali, Ghaziabad, Registration No. IBBI/IPA-033/IP-N0005/2016-17/10024 is appointed as an Interim Resolution Professional. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 7 of the Code. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6 (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. We also declare moratorium in terms of Section 14 of the Code.
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