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2019 (6) TMI 368 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process against Corporate Debtor - default in making the payment despite issuance of the demand notice under Section 13(2) of the SARFAESI Act, 2002 - HELD THAT:- On occurrence of the default, the financial creditor has to move an application in the prescribed form which has been done in this case in Form 1 as prescribed in Rule 4(1) of the Rules. The petitioner has thus, been able to satisfy the requirement of Sub-section (1) and (2) of Section 7 of the Code. In the instant case, the petitioner-financial creditor adduced abundant evidence to show the default which has been committed by the respondent-corporate debtor and the same has not been disputed. The respondent-corporate debtor is also stated to have executed the balance confirmation letter dated 13.02.2015 whereunder the loan facilities were renewed - The evidence of default is also borne out from the CIBIL record relied upon by the petitioner bank as Annexure A/31 dated 21.06.2018. As per clause (b) of Section 7(3) of the Code, the financial creditor is bound to propose the name of the Resolution Professional to be appointed as Interim Resolution Professional - In Part III of the application Form No.1, the petitioner has proposed the name of Mr. Rajender Kumar Jain a registered Resolution Professional proposed to be appointed as Interim Resolution Professional. The written communication in Form 2 furnished by Mr. Rajender Kumar Jain is at Annexure A/5 dated 14.06.2018 furnishing the required particulars. He is not serving as a Resolution Professional in any proceedings under the Code so far. It is further certified that there are no disciplinary proceedings pending against Mr. Jain with the Board or Indian Institute of Insolvency Professional of ICAI. We have perused Form No.2, the written communication furnished by the Resolution Professional which is found to be in order. The certificate of registration issued by the IBBI is at Page 53 of the paper book. The petition is admitted and the moratorium declared.
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