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2019 (8) TMI 495 - Tri - Insolvency and BankruptcyMaintainability of petition - Initiation of Corporate Insolvency Resolution Process - Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- A perusal of the present application filed by the Applicant-Financial Creditor shows that the same appears to be complete and in conformity with the provisions of Section 7 of the I & B Code and Rules Applicable. It is evident that the default has occurred, which meets the requirement of Section 3(11) and (12) of the I & B Code to trigger the CIRP in respect of the Corporate Debtor company - it is established there is default of debts which comes to ₹ 9,90,00,000/- plus interest of ₹ 3,55,47,855.02ps. including penal interest of ₹ 44,80,911/-as on 30.11.2017 aggregating to ₹ 13,45,47,855.02ps. Hence, the present application can be considered for its Admission. Petition admitted - moratorium declared.
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