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2017 (8) TMI 298 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process under Section 7 of Insolvency and Bankruptcy Code, 2016 - wilful defaulter. - ESSAR stated that there is no diversion of funds, fraud or malfeasance. - It is the case of ESSAR that it has submitted proposals for restructuring of its debts to the Lenders for approval - Held that:- Appearing for SCB, that the Interim Resolution Professional proposed by SCB has to be appointed on the ground that SCB's Application is prior in point of time, in my considered view, is not an argument that merit acceptance. If the date of initiation of the Corporate Insolvency Resolution Process is taken as criteria, if two Applications by two different Creditors for initiation of Corporate Insolvency Resolution Process were filed on one day, then it has to be seen which Application was presented first in point of time on the same day. Therefore, the date of initiation of Insolvency Resolution Process cannot be taken as a yardstick or as a guideline for appointing. Interim Resolution Professional. By this Common Order, this Adjudicating Authority admitted both the Applications. - Interim Insolvency Resolution Professional appointed to commence Corporate Insolvency Resolution Process in respect of ESSAR. Order of moratorium shall be in force from the date of order till the completion of Corporate Insolvency Resolution Process subject to the Proviso under sub-section (4) of Section 14.
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