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2018 (1) TMI 1247 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Held that:- Petitioner herein is a Financial Creditor and a financial debt is owed by the Corporate Debtor as per the provisions of IBC, 2016, the Petition is to be admitted applying the ratio contained therein and the Insolvency process be initiated in relation to the Corporate Debtor in view of the default committed by the Corporate Debtor which is evident from the dishonour of cheques issued and accordingly the Petition stands admitted. Mr. Kanwal Chaudhary is appointed as the Interim Resolution Professional having his address at EA-413, Maya Enclave, New Delhi-110 064 to take over the affairs of the Corporate Debtor as envisaged under the provisions of IBC,2016 and who is duly bound to act in consonance with the provisions of IBC,2016 and other rules and regulations framed thereunder. The moratorium as envisaged under the provisions of Section 14 as extracted hereunder shall follow in relation to the Corporate Debtor and the same is to be declared.
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