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2018 (8) TMI 1541 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - occurrence of default - Held that:- Form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of IBC. We are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete; and no disciplinary proceedings are pending against the proposed Interim Resolution Professional. Thus, the application warrant admission. As a sequel to the above discussion, this petition is admitted and Mr. Om Prakash Vijay, 2250, Gali Raghu Nandan, Naya Bazar, Delhi-110006, email id - opvca21@gmail.com, Registration No. IBBI/IPA-001/IP-P00491/2017-18/10879 is appointed as an Interim Resolution Professional. The presence of an arbitration clause in the share purchase agreement would not cause any impediment with regard to initiation of Corporate Insolvency Resolution Process because under Section 7 of the Code the mentioning of an arbitration clause in the disputed agreement is no bar to the admission of the petition and initiation of Corporate Insolvency Resolution Process unlike Section 8 & 9 of the Code. In accordance with the provisions of Section 8 and 9 of the Code if a dispute in a civil suit or a dispute in arbitration proceeding is pending then a bar has been created by Section 8(2)(a) of the Code and it is deemed to be an existence of dispute therefore, no Corporate Insolvency Resolution Process could be triggered. There is however no such provision in Section 7 of the Code. Accordingly, this argument is also rejected as unfounded.
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