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2019 (7) TMI 506 - Tri - Insolvency and BankruptcyAdmissibility of petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 - Initiation of Corporate Insolvency Resolution Process - corporate debtor - Default of debt - HELD THAT:- Section 7(1) of the Code says that the financial creditor may file an application against the corporate debtor in the event of default of debt and as per sub-section (2) of Section 7 of the Code, the application has to be filed in Form No.1, as prescribed in the Rules. This compliance has been duly made by the petitioner. The petitioner-bank has brought abundant evidence of default, as discussed hereinabove, and the requirement of Section 7(3)(a) is fulfilled - the conditions provided for in Section 7(5) (a) of the Code are fulfilled and the petition for initiation of the Corporate Insolvency Resolution Process against the corporate debtor, Ria Constructions Limited, is admitted. Petition admitted - moratorium declared.
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