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2020 (2) TMI 867 - Tri - Insolvency and BankruptcyAdmissibility of Winding up petition - the liquidation proceeding are at the stage of holding meeting between the Financial Creditor and the Corporate Debtor-the company in liquidation - HELD THAT:- The law laid down by Hon'ble Supreme Court in FORECH INDIA LTD. VERSUS EDELWEISS ASSETS RECONSTRUCTION CO. LTD. [2019 (1) TMI 1442 - SUPREME COURT] is that there is no bar by admission of a petition under Section 433(e) and (f) read with section 434 and 439 of the Companies Act, 1956 - In other words, the remedy of filing a petition under Section 7 IBC would continue to be available to a financial creditor. After a reading of section 7 of the Code along with Rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the application under sub-section (2) of section 7 is complete. The IRP proposed does not have any disciplinary proceedings pending against him. Petition admitted - moratorium declared in terms of section 14 of the Code.
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