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2018 (12) TMI 77 - Tri - Insolvency and BankruptcyInitiation of CIRP by Applicant/Corporate Debtor in respect of itself as being a Corporate Debtor Company - Held that:- As perused the material available on record it shows that the Corporate Applicant has filed a copy of its Board Resolution dated 15.12.2017 by authorising Mr. Girish Kantilal Patel to file the present application on behalf of the Corporate Applicant/Corporate Debtor Company and in the absence of any contrary material, filed in the present case, we do not find any sufficient ground for rejecting the present application because the present applicant is equally having the substantial shareholdings in the Corporate Applicant/Corporate Debtor Company which has stated that it has right for revitalisation and resolution plan under the provisions of Section 10 the IB Code because the Corporate Applicant Company is having its intangible assets in the form of its Goodwill (brand name of the Company) and such goodwill amount to as purchase of brand. Hence, Goodwill expected to be calculated and held as identified asset in the books of account. Hence, Goodwill and Brand may be treated as a valued assets of a company although it may not be in physical form or reflected in the Balance Sheet. By considering the above facts and circumstances of the present case, we find the present application is found complete and deserves for admission under Section 10 of the IB Code.Therefore, the present I.B. Petition is admitted, consequently the moratorium is declared in respect of Corporate Debtor Company under Sections 13 and 14 of the IB Code.
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