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2019 (6) TMI 1196 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency resolution process - section 7 of Insolvency & Bankruptcy Code, 2016 - default in payment of outstanding dues - HELD THAT:- In the absence of any representation from the Corporate Debtor even after providing sufficient opportunity for the same, it is not incorrect to say that the Corporate Debtor does not have anything in its defence, therefore, admits its liability. The Application under sub-section (2) of Section 7 of I&B Code, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the petition filed under section 7 of the I&B Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted. Petition admitted - moratorium declared.
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