Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (12) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (12) TMI 650 - Tri - Insolvency and BankruptcyAdmissibility of application - initiation of CIRP - Corporate Debtor defaulted in making repayment - compliance with Section 7(5)(a) of the Code or not - existence of debt and default or not - application under Section 7(2) is complete or not - disciplinary proceedings pending against the proposed resolution professional or not - HELD THAT:- The bouncing of the cheques on the reason albeit of "account closed" and the non-payment of the amounts thereafter clearly evidences the occurrence of default - The application is filed in the prescribed Form 1 and no defects therein have been brought out by the learned counsel for the corporate debtor. The application under Section 7(2) is therefore, treated as complete - the proposed IRP Shri Amit Gupta has filed Form No.2 (Annexure A-9 of the petition). The IRP has stated therein that there are no disciplinary proceedings pending against him with the Board or ICSI Insolvency Professionals Agency. The conditions provided for in Section 7(5)(a) of the Code are thereby satisfied - the application for initiation of CIRP in the case of the corporate debtor M/s C&C Towers Ltd admitted - Directions for moratorium and appointment of IRP are given. Application admitted - moratorium declared.
|