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2019 (10) TMI 595 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor did not pay the outstanding amount and hence defaulted in payment of the operational debt - Section 9 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Corporate Debtor has admitted to the default in payment of dues to the Operational Creditor stating that the Corporate Debtor is unable to pay the outstanding dues of the Operational Creditor due to circumstances and factors wholly beyond the control of the Corporate Debtor - The Operational Creditor has not proposed the name of an Interim Resolution Professional [IRP]. The Operational Creditor in the case in hand, succeeds in proving all the ingredients of Section 9(5)(i) of the Code and therefore, the application is liable to be admitted. The application filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Kampilya Builders Private Limited is hereby admitted - Moratorium declared.
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