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2018 (7) TMI 1335 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - proof of debt - Held that:- The stand of financial creditor (SBI) that the applicant has not come with clean hands and has suppressed facts, cannot be a ground to reject the application if it is otherwise complete. The other two financial creditors have raised almost similar objections which cannot detain us from proceeding under Section 10 of the Code. The other objection that action under SARFAESI Act has since been initiated will also not come in the way of provisions of Section 10 of the Code. In view of the overriding effect given by the provisions of section 238 of the Code, the initiation and pendency of proceedings under SARFAESI Act is no bar for initiation of resolution and Insolvency proceedings under the Code. Hence, the objection raised by the financial creditors cannot sustain. As a sequel to the aforesaid discussion, we are satisfied that the present application is complete, the applicant corporate debtor has committed a default and there is no disciplinary proceeding pending against the proposed resolution professional. Therefore, as the application is complete the present application is admitted under section 10(4)(a) of the Code. The Corporate Insolvency Resolution Process shall commence from the date of this order under sub-section 5 of Section 10 of the Code.
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