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2019 (3) TMI 1336 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCHCorporate Insolvency Resolution Process - Corporate Debtor committed default to the extent under Section 7 of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- Investment Manager at his sole discretion is entitled to declare that the whole of debenture outstanding become due and payable immediately and accordingly recalled the entire debentures’ dues including interest and the same is in order. Accordingly the entire outstanding becomes due and since no payment was made, the Corporate Debtor committed default in repayment of the dues in respect of the debentures. Further during the hearing on 19.11.2018 the Managing Director of the Corporate Debtor was also present and submitted that he accepts the liability and default but requested time to settle the dues to the Petitioner by selling his private properties, but that has not materialized. This Adjudicating Authority, on perusal of the documents filed by the Creditor, is of the view that the Corporate Debtor defaulted in repaying the loan availed and also placed the name of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings pending against the proposed resolution professional, therefore the Application under sub-section (2) of Section 7 is taken as complete, accordingly this Bench hereby admits this Petition
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