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2017 (8) TMI 390 - Tri - Insolvency and BankruptcyCorporate insolvency procedure - Insolvency and Bankruptcy code - iniquity of corporate debtor claim - Held that:- The claim made by the Corporate Debtor is not genuine. As perused the documents placed on the file including the bank statement and the affidavit in compliance to Section 9(3)(b) and (c) of the I&B Code, 2016. In the affidavit the Operational Creditor stated that the objections/dispute raised by the Corporate Debtor is not a valid and genuine dispute and the Corporate Debtor is falsely objecting to the same in order to evade the liability to pay the outstanding debt. Therefore, having been satisfied that all the requirements under law have been fulfilled, we are inclined to admit the Petition and order the commencement of the Corporate Insolvency Resolution Process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. The Operational Creditor did not propose the name for appointment of Interim Insolvency Professional. Therefore, we direct the Registry to make a reference to the IBBI for recommending the name an Interim Insolvency Professional within 10 days of the reference. However, we declare the moratorium which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I&B Code, 2016. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. On receiving the recommendation of the IBBI, the Registry is directed to place the matter before this Bench for appointing the Interim Insolvency Professional as recommended by the IBBI.
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