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2020 (4) TMI 149 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- It is evident from the record that the application has been filed on the proforma prescribed under rule 4 (2) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with section 7 of the Code. We are satisfied that a default amounting to lacs of rupees has occurred. As per requirement of section 4 of the Code if default amount is one lac or more then the CIR Process would be issued. The application under sub-section 2 of section 7 is complete; and no disciplinary proceedings are pending against the proposed Interim Resolution Professional. This petition is admitted and Mr. Umesh Garg is appointed as an Interim Resolution Professional - Application admitted - Moratorium declared.
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