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2019 (1) TMI 453 - Tri - Insolvency and BankruptcyMaintainability of petition - Failure to make payment on the part of Corporate Debtor - Held that:- As per the Section 7 of IBC provides, a petition has to be admitted if a default has occurred, no dispute has been raised with regard to the debt due, application filed is complete and no disciplinary proceedings are pending against the proposed resolution professional - This Petition clearly reveals that there is a debt as defined in Section 3(11) of IBC, also there is default in this case within the meaning of Section 3(12) of IBC and no evidence of dispute with regard to the claim amount has been raised by the Corporate Debtor. The application of the Financial Creditor is complete and there are no disciplinary proceedings pending against the proposed resolution professional. Therefore, this petition is to be admitted. This Bench hereby admits this petition filed under Section 7 of IBC, 2016, declaring moratorium with consequential directions.
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