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2019 (1) TMI 629 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Section 10 of Insolvency & Bankruptcy Code, 2016 - scope of the term ‘Corporate Debtor’ - Held that:- Under Clause (b) of Section 10(3) the corporate applicant is bound to propose the name of Registered Resolution Professional to be appointed as Interim Resolution Professional. We have perused the written communication in Form No.2 Annexure-A8 (page Nos.63 to 67) furnished by Mr. Arun Chadha a registered Insolvency Professional with IBBI. This Form contains all the particulars provided in the Form. He has furnished his written consent and stated that presently he is serving as Interim Resolution Professional/Resolution Professional/Liquidator in two proceedings under the Code so far. The figures extracted indicate complete loss of net worth of the corporate applicant. It is clear from the above that the corporate applicant has failed to pay its debt and has thus committed default. In fact the financial creditor despite service has chosen not to appear or file reply or contest the admission of the petition. It clearly seems that the corporate applicant has fallen into debt trap and thus competent to set in motion the insolvency resolution process under the Code to ensure maximum value of assets which is in the interest of all the stakeholders. The petition is admitted.
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