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2019 (1) TMI 631 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor - default in making repayment of loan - admission of application under Insolvency and Bankruptcy Code, 2016 - Held that:- In this case the existence of debt and default is reasonably evidenced in the documents supporting the petition as well as from the statement of the ld. Counsel for the Corporate Debtor of not having any objection if the petition is admitted. Further the Petition under section 7 is complete. The Petitioner having named the Interim Resolution Professional with his consent, and there being no disciplinary proceedings against the same. We are of the view that the present case is fit for admission under the Insolvency and Bankruptcy Code, 2016. This petition filed under Section 7 of IBC, 2016, against the corporate debtor for initiating corporate insolvency resolution process against the corporate debtor is admitted and the moratorium with consequential directions declared.
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