Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 383 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - financial creditor - default of payment of financial debt or not - Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- There is no dispute in default of payment of financial debt, the application has been filed in Form 1 as prescribed in Section 4(1) of the Rules. The petitioner, therefore, has complied with the requirements of sub-sections (1) and (2) of Section 7 of the Code. To comply with the requirement of Clause (b) of Section 7(3) of the Code the petitioner-financial creditor in Part-III of the application proposed the name of Mr. Arunava Sikdar a registered Resolution Professional to be appointed as Interim Resolution Professional in case the application is admitted. The Resolution Professional has furnished the written communication in Form 2 as prescribed in Rule 9(1) of the Rules, which is at Annexure 6. All the necessary particulars as required in the Form have been furnished. It is certified that there are no disciplinary proceedings pending against him with the IBBI or ICAI or Insolvency Professionals Agency. He is appointed as the Resolution Professional in one case but not acting as Interim Resolution Professional/Liquidator in any other proceedings. The petition is liable to be admitted in terms of Clause (i) of Section 9(5) of the Code - The petition, therefore, is admitted and moratorium declared in terms of sub-section (1) of Section 14 of the code.
|