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2019 (6) TMI 1246 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process (CIRP) - Corporate Debtor - default of repayment of financial debt - HELD THAT:- The present application is filed in conformity with the prescribed procedure and Rule by providing requisite information annexed with relevant documents. That apart, the present application is supported by a Board Resolution passed by the Corporate Applicant/Debtor company proposing CIRP for itself and by duly authorizing to Mr. Sanjay Mansukhbhai Ramani, being one of the directors, for filing the present application. It is also a matter of record in the present matter that the Respondent - Financial Creditor did not oppose the admission of the present IB Petition. It may be understood that under the provisions of Section 10(3)(b) of the Code it is mandatory on the part of the applicant to propose a name of an IRP in IB Petition, failing which such application may be found as incomplete. Therefore, the Corporate Applicant has properly proposed Mr.Vinod Tarachand Agrawal to act as IRP under the provisions of the Code. The present IB petition deserves admission under the Code. Therefore, the present IB Petition is admitted under Section 10 of the Insolvency & Bankruptcy Code - moratorium declared.
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