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2019 (1) TMI 1250 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAICorporate insolvency process - existence of financial debt - Held that:- Debt is to be qualified as “Financial Debt” as defined under section 5(8) of Insolvency & Bankruptcy Code, 2016. As a result, the Financial Creditor has filed this Application for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. Since this is a Petition of “Financial Creditor”, therefore, the Insolvency Process shall commence as prescribed under Section 7 of IBC, 2016. The occurrence of “default” is established. The Financial Debtor had failed to pay the amounts due. Having considered the totality of the facts and circumstances mentioned above that the Debt in question is a ‘Financial Debt’ and that the occurrence of ‘default’ is recognized, hence considering the state of affairs mentioned supra the Petition under consideration deserves to be “Admitted”. The Petitioner/Financial Creditor has proposed the name of the IRP has furnished the requisite Certificate on Form No.2 that no Disciplinary Proceedings is pending. On due consideration, the proposal of appointment of the IRP is hereby confirmed. Upon Admission of the Application and Declaration of “Moratorium” the Insolvency Process such as Public Announcement etc. shall be made immediately as prescribed under section 13 read with section 15 of the Code. The appointed IRP shall perform the duties as an Interim Resolution professional as defined under section 18 of the Code and inform the progress of the Resolution Plan and the compliance of the directions of this Order within 30 days to this Bench.
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