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2017 (9) TMI 494 - Tri - Insolvency and BankruptcyInsolvency & Bankruptcy procedure - default by Corporate-Debtor - Held that:- We are of the view that as per paragraph 7 Part-V of Form No.1 the bank is required to file copies of the Entries in the Banker's Books maintained in accordance with the Bankers Books Evidence Act, 1891 which the 'Financial-Creditor' had furnished but to make the said statements admissible per se necessary certificate was appended on the statements of account furnished with the affidavit dated 19.07.2017 of the Authorised Signatory of the bank as noticed in the order dated 11.07.2017. The requirement of the Paragraph 7 Part-V of Form No. 1 precisely isthat the bank has to file copies of the account statements which should be maintained as per the Bankers Books Evidence Act, 1891 and to attach copies thereof. The same were accordingly attached with the application originally. The 'Corporate-Debtor' being in default in depositing the financial debt was not in fact disputed rather attempt was made for restructuring of the loan by offering to deposit an amount of ₹ 125 lacs which is not permissible as already observed. The 'Financial-Creditor' has proved by overwhelming evidence that default has occurred, which meets the requirement of Section 3(11) & 12 read with Section 7(3)(a) and Section 7(5) of the Code. The 'Corporate-Debtor' in fact has not disputed that it is in default of making repayments. We further find that the application is complete in all respects as the Insolvency Professional, Mr. Navneet Gupta, CA has also been proposed. This petition is admitted and Mr. Navneet Gupta, CA, #1598, Level-I, Sector 22-B, Chandigarh whose name also figures in the latest list of Insolvency Professionals issued by the Insolvency & Bankruptcy Board of India is appointed as an Interim Resolution Professional. In pursuance of Section 13 (2) of Code, we direct that public announcement shall be immediately made by the Interim Resolution Professional with regard to admission of this application under Section 7 of the Code, We also declare moratorium in terms of Section 14 of the Code
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