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2017 (10) TMI 571 - Tri - Insolvency and BankruptcyWinding up of the company for its inability to pay the debt - Held that:- Since there is a default committed by the respondent as proved from the aforesaid discussion and the application being complete in all respect, the resolution professional has also been proposed, the instant petition deserves to be admitted. In view of the above, the instant petition is admitted and the moratorium is declared for prohibiting all of the following as provided in section 14(1) As directed that the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall however not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. That the order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub- section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33 as the case may be. The matter is adjourned to 14.09.2017 for passing formal order to appoint Interim Resolution Professional with further directions.
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