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2018 (6) TMI 846 - Tri - Insolvency and BankruptcyCorporate insolvency process - eligible debt - Held that:- As admitted factual position thus emerges that the ‘Debt’ as defined U/s 3(11) of The Code under consideration have been classified as “Non-Performing Asset” by the Consortium of Banks, listed hereinabove and there was a “Default” as defined U/s 3(12) of The Code of non-payment. Therefore, the basic requirement of Admission of an Application under Section 7 appears to be fulfilled for initiation of Corporate Insolvency Resolution Process ( CIRP ) . The Financial Creditor has furnished several evidences to establish the existence of the “Financial Debt” and sufficient record to establish the occurrence of “Default”. Rest of the conditions being satisfied, this Petition deserves “Admission”. Upon “Admission” of the Application it is hereby pronounced the declaration of “Moratorium” as mandated in Section 14 of The Code. The declaration of Insolvency Process and commencement of “Moratorium” shall be made by Public Announcement immediately as prescribed U/s. 13 read with Section 15 of The Code
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