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2019 (7) TMI 910 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution Process - corporate debtor - matter is heard ex-parte - service of notice - HELD THAT:- On perusal of the material available on record it is found that, the notice issued through the Registry has been served upon respondent on 11.02.2019 and notice issued by the petitioner to the respondent is served on 23.02.2019. Therefore, the service of notice is complete. Since no representation is received from the side of the corporate debtor/respondent, the matter is heard in absence of the respondent. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. This Adjudicating Authority directs the Insolvency Resolution Professional to make public announcement of initiation of Corporate Insolvency Process and calls for submission of claims under Section 15 as required by Section 13(l)(b) of the Code - it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. Petition admitted - moratorium declared.
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