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2020 (9) TMI 471 - Tri - Companies LawMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and default or not - HELD THAT:- Section 7(5) of the Code provides for admission of the application where the Adjudicating Authority is satisfied that (a) a default has occurred; (b) the application under sub-section (2) of Section 7 is complete; (c) there is no disciplinary proceedings pending against the proposed Resolution Professional. The first condition is that a default has occurred. From the facts narrated above, we find that the default has occurred - The second condition is that the application under Section 7(2) is complete. No objections in this regard, were raised during the hearing of the petition. We have discussed the contents of the application above and we conclude that the application is complete - The third condition is that there are no disciplinary proceedings pending against the proposed Resolution Professional. In the present case, Mr. Ajay Kumar Jain, IBBI/IPA-002/IP-N00415/2017-2018/11188, has been proposed as Interim Resolution Professional. Form 2 filed by the proposed Interim Resolution Professional is at Page 212 of the petition. Mr. Ajay Kumar Jain has certified that there are no disciplinary proceedings pending against him with the Board or Indian Institute of Insolvency Professional of ICAI. He has also affirmed that he is eligible to be appointed as a Resolution Professional in respect of the corporate debtor in accordance with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporation Persons) Regulations, 2016. In view of the satisfaction of the conditions provided for in Sections 7(5) of the Code, the petition for initiation of CIRP in the case of M/s Maruti Kesari Nandan Agro Foods Pvt. Ltd., is admitted - Petition admitted - moratorium declared.
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