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2017 (8) TMI 507 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - outstanding dues - Held that:- The Corporate Debtor has disclosed that 20 Financial Creditors have filed cases before Debt Recovery Tribunal, Mumbai for recovery of the amount due to them. The Corporate Debtor has enclosed the audited financial statements for the year ended 31.03.2016 & 31.03.2017 and the provisional financial statement up to 17.05.2017. A list of assets and liabilities of the Corporate Debtor as on 17.05.2017 is also enclosed with the application. The Corporate Debtor also enclosed the list of Financial Creditors and Operational Creditors as on 17.05.2017. The Corporate Debtor has disclosed the particulars of debt owed by the Corporate Debtor to or by persons connected with it, the name and the address of the members of the Corporate Debtor with the details of their shareholdings, details of personal guarantees and the affidavit in support of the petition. On reading the petition and the supporting documents annexed with the petition, this Bench is of the view that the corporate debtor has committed default and the petition contains the particulars as required u/s 10 of the Code. Hence, this Bench hereby admits this petition, declaring moratorium with consequential directions.
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