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2020 (1) TMI 104 - Tri - Insolvency and BankruptcyAdmissibility of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - default of debt or not - Section 7 of Insolvency and Bankruptcy Code, 2016, R/w Rule 4 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016 - HELD THAT:- Hon'ble Apex Court held in "Innoventive Industries Ltd. v. ICICI Bank [2017 (9) TMI 58 - SUPREME COURT] that "The moment the Adjudicating Authority is satisfied that a default has occurred, the application must he admitted unless it is incomplete, in which case it may give notice to the Applicant to rectify the defect within 7 days of receipt of notice from the Adjudicating Authority". The Corporate Debtor admitted the default. The present petition is well within the Limitation. The Petition is in order. The petition is complete and therefore deserves to be admitted - petition admitted - moratorium declared.
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