Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2018 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 932 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARHInitiating the corporate insolvency process against the respondent-corporate debtor - existence of eligible default - Held that:- The dates on which the default occurred are given in Column 2 of Part-IV of the application and are taken as the period of one year from the date of the respective Receipt-cum-Acceptance Letter and which date is also shown as maturity date of agreement therein. The amounts shown as Projected Values are stated to be not paid and total to ₹ 12,32,000 (the individual amounts in default of the three applicants are above ₹1.00 lac). The factum of non-payment is accepted by the respondent in the reply submitted by Diary No.985 dated 02.04.2018. We are satisfied that default has occurred and the application under Section 7(2) is complete. We also find that the proposed Interim Resolution Professional Shri Deepak Gupta has filed Form 2 dated 18.01.2018 (Annexure A-12 of the application) certifying that there are no disciplinary proceedings pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. Therefore, we are satisfied that the conditions prescribed by Section 7(5)(a) of the Code are satisfied and the petition deserves to be admitted. The petition is, therefore, admitted and the moratorium is declared accordingly.
|