2017 (7) TMI 1234

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..... t. Ina Malhotra, 1. This petition has been filed by the State Bank of India under Section 7 of the Insolvency Bankruptcy Code, 2016 (hereinafter referred to as Code). As per averments, the petitioner, a Financial Creditor, seeks to trigger Insolvency Process against the respondent Corporate Debtor which is in huge default of repayment of their loans. 2. The Corporate Debtor has been enjoying va .....

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..... a possible turnaround of the Corporate Debtor, more so as the guarantees and mortgages offered are not sufficient to meet the outstanding debt. 4. Despite notice issued to the Corporate Debtor, none appeared on their behalf. 5. The petition has been filed in the required format through a duly authorized person and the total amount claimed to be in default is almost to the tune of Rs. 185 crores. .....

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..... im and that he is duly empanelled with the IBBI vide Registration No. IBBI/IPA- 001/IP-P00117/2017-18/10252. 7. As the petition fulfils the required criterion for invoking the Resolution Process, this petition stands Admitted. Moratorium in terms of Section 14 of the Code comes into effect. The Interim Resolution Professional is directed to take necessary steps as per Sections 15, 17 & 18 and fil .....

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