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2018 (1) TMI 442 - Tri - Insolvency and BankruptcyCorporate insolvency process - Held that:- In view of the fact that despite service of notice and thus an opportunity having been given to the Corporate Debtor to defend its cause by way of compliance with the principles of natural justice mandated to be adhered to by this Tribunal, the Corporate Debtor has not availed the opportunity given and from the facts averred and the documents placed before this Tribunal, this Tribunal is of the considered view that this is a fit case for admitting the application as filed by an Operational Creditor for initiation of Corporate Insolvency Resolution Process, as contemplated under the provisions of IBC, 2016. Since the Operational Creditor has failed to name an Interim Resolution Professional (IRP) in Part 3 of the Application as filed before this Tribunal, in terms of the provisions of Section 16 of IBC, 2016 this Tribunal makes a reference to the Insolvency and Bankruptcy Board of India (IBBI) for recommendation of the name of an IRP subject to the condition that no disciplinary proceedings are pending against such an IRP named who may act as an IRP in relation to the CIRP of the Corporate Debtor. Application/Petition stands admitted in terms of Section 9(5) of IBC, 2016 and the moratorium shall come in to effect as of this date. A copy of the order shall be communicated to the Operational Creditor as well as to the Corporate Debtor above named by the Registry
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