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2017 (11) TMI 412 - Tri - Insolvency and BankruptcyCorporate insolvency procedure - proof of outstanding procedure - Held that:- In the Instant case, facts specific to the case, where the case is filed either under section 7 or 9 would not have much difference since the Petitioner Company has already demanded Respondent to pay the outstanding dues and the Respondent also agreed for the same and to clear the outstanding dues within the stipulated period i.e. end of December 2016, vide letter dated 07-11-2016. Moreover, an IRP is also suggested by the Petitioner. Considering the fact that a huge amount is outstanding since 2015, inspite of various Affidavits filed/adjournments granted to Respondent not even a single rupee is paid so far even though petition was submitted under IBC on 22-03-2017. Moreover, the petitioner being a Government of India Enterprise taken steps for recovery of its dues from 2015 and considerable time had already lapsed therefore in the interest of time/both the parties, we have considered the present petition under section 9 of IBC, the petition filed is maintainable and petition is also complete in all respects as per provisions of section 9 of IBC and thus it is a fit case for admission. Therefore we have no hesitation to consider this petition under section 9 of IBC. Heard, Counsels for both the sides. Considering the facts and circumstances of the matter as discussed supra and we are also satisfied that there is no disciplinary proceedings pending against the proposed IRP. In the result, the Company Petition is admitted by exercising the powers conferred under section 9 of IBC, 2016.
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