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2019 (7) TMI 103 - Tri - Insolvency and BankruptcyAdmission of the application - initiation of Corporate Insolvency Resolution Process against the Corporate Debtor - Section 7 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- The perusal of the Affidavit filed by the Corporate Debtor shows that the Corporate Debtor has fairly admitted that the loans were availed from the Financial Creditors and during the course of arguments, the Counsel for the Corporate Debtor has submitted that the Corporate Debtor has no objection in case the Application is admitted. Besides the admission made by the Counsel for the Corporate Debtor, the documentary evidence placed on the case file is sufficient in order to ascertain the existence of a default on the part of the Corporate Debtor. The Financial Creditors have fulfilled all the requirements and have proposed the name of a Resolution Professional for appointment as the IRP after obtaining his consent in Form- 2. Therefore, the Application stands admitted - commencement of the Corporate Insolvency Resolution Process is ordered - Mr. Anil Kumar Khicha is hereby appointed as IRP - moratorium declared.
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