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2017 (9) TMI 390 - Tri - Insolvency and BankruptcyProceedings under Insolvency and Bankruptcy Code, 2016 - admission of application and appointment of the Interim Resolution Professional - Held that:- A perusal of the application and the annexures goes to show that the application is complete. The applicant has recommended name of Interim Resolution Professional. The applicant has also filed written communication given by the proposed Interim Resolution Professional. The applicant is admitting the existence of financial debt and occurrence of default in payment of financial debt. The books of account of the applicant company also substantiate the same. In view of the above discussion, the application filed by the Corporate Applicant (Corporate Debtor) is admitted under Section 10(4)(a) of the Code. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of Corporate Insolvency Resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. Hence, Shri Premraj Ramratan Laddha, having IP Registration No. IBBI/IPA-001/IP-P00060/2016-17/10138 and residing at 304, Abhijit-3, Above Pantaloon, Mithakhali, Law Garden Road, Ellisbridge, Ahmedabad - 380 006, is appointed as “Interim Insolvency Resolution Professional”, who filed Form- 2 and Certification of Registration issued by the Insolvency and Bankruptcy Board of India. This Adjudicating Authority also directs the Corporate Applicant to make a public announcement in terms of Clause (b) of sub-section (1) of Section 13 of the Code.
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