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2017 (10) TMI 297 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABADCorporate Insolvency Resolution Process - Insolvency and Bankruptcy Code, 2016 - Held that:- A perusal of the Application and its Annexures clearly show that the Application is complete in all respects. A perusal of the Table showing the amount disbursed and the payments made, and the documents executed by the Respondent Company clinchingly establish that Respondent committed default in repayment of money borrowed from Reliance Capital Limited on interest which debt was assigned to the Applicant Company by virtue of a demerger order in a Demerger Scheme. Therefore, the Applicant is a Financial Creditor and the amount due to the Applicant is a financial debt. The material on record clearly establish that the Respondent Company committed default in repayment of financial debt. The Applicant proposed the name of Shri Subodhkumar Bajranglal Kedia as Interim Resolution Professional' and also filed his Written Communication. In view of the above discussions, the Application deserves to be admitted and it is accordingly admitted under sub-section 5(a) of Section 7 of the Code
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