Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 1519 - Tri - Insolvency and BankruptcyInitiating Corporate Insolvency Resolution Process - default in repaying the loan availed by the corporate debtor - default in repayment of the monthly instalment due and payable by the Corporate Debtor to the Financial Creditor - HELD THAT:- The existence of default stand proved in this case. So also financial creditor produced Form-2 along with the written communication to prove that no disciplinary proceeding is pending against the proposed Interim Resolution Professional. The corporate debtor in the instant case did not turn up to contest the petition. The applicant has produced all the required documents. The existence of default also stands proved. The applicant herein, in this case, succeeds in proving that it has complied with all the requirements to be meted out under Section 7(3) of the I & B Code, 2016. Therefore, the application is liable to be admitted. Accordingly, this application is admitted .application filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Downtown Temptations Private Limited is hereby admitted.
|