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2019 (7) TMI 637 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of the Corporate Insolvency Resolution Process - Corporate Applicant/Corporate Debtor - existence of debt/default - Section 10 of the Insolvency and Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- The corporate applicant is having its outstanding debts due to its Financial and Operational Creditors, but is unable to pay the same, which amounts approximately to ₹ 4,25,17,532.01 to the Financial Creditors. That apart, there is some disputed dues of newly impleaded respondent/objector IFFCO-TOKIO General Insurance Company Ltd. to the extent of ₹ 23,27,535/- only. Hence, the corporate applicant has moved for initiation of CIRP for itself. This Adjudicating Authority is bound to admit an application, if it is found complete by providing requisite information under Section 10 of the I& B Code read with Form 6 of the relevant rules and it does not suffer from any ineligibility prescribed under Section 11 of the Code. Therefore, once the IB Petition is found complete, then this Adjudicating Authority cannot reject the application on other grounds as agitated by the IDBI and other objectors - Further, there can be no serious prejudice to their claim when the petition is admitted and CIRP is triggered, as they can still lodge their claim before the IRP/RP which shall be dealt with as per I & B Code. The present IB petition is found complete. Hence, it deserves for admission so as to trigger the C.I.R.P under Section 10 the Code - Petition admitted under Section 10 of the Insolvency & Bankruptcy Code and the Moratorium under Section 14 of the Code is hereby declared in respect of the Corporate Applicant / Debtor Company.
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