9911796707
TMI Blog2018 (12) TMI 1570X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;Rules') for initiation of Corporate Insolvency Resolution Process in respect of the applicant company itself. 2. The Applicant-company, 'M/s Astonefield Solar (Gujarat) Private Limited was incorporated on 10.11.2008 under the Companies Act, 1956 bearing CIN No. U40106 DL2008 PTC227040. The Applicant Company has its registered at 311 B/C/D, South Court Saket, New- Delhi-110017 within the territorial jurisdiction of this Tribunal. 3. The present application has been filed by the applicant company, pursuant to a Board Resolution dated 25th July, 2018 for commencement of Corporate Insolvency Resolution Process inter alia on the ground to overcome the distress situation and also to restructure by way of adopting the corporate insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. There is no dispute that the applicant-company has admittedly committed default which is much more than the minimum amount of default of Rupees one lakh fixed under Section 4 of the Code and therefore is entitled to file the present application in terms of sub-section (1) of Section 10 of the Code. The Corporate Debtor is desirous of implementing a debt restructuring plan. 9. The Applicant has affirmed that corporate applicant is not disqualified in terms of provisions of Section 11 of the Code to file and maintain their prayer under Section 10 of the Code. The affidavit further confirms that no CIRP has ever been initiated nor any liquidation order or winding up order made against them. 10. In compliance of the requirements of Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounts due to each of them have also been furnished. 14. The Insolvency and Bankruptcy Code, 2016 is a complete Code in itself. The provisions of the Code are to be mandatorily followed. Adherence to the statutory requirements has to be in toto. Section 10 (4) (a) of the Code mandates the Adjudicating Authority to admit the application if it is complete. When the language of the Code is clear and explicit, the Adjudicating Authority must give effect to it, whatever be the consequences. 15. In view of the above, we are satisfied that the present application is complete and that the applicant corporate debtor has committed a default. Therefore, as the application is complete the present petition is Admitted. 16. A moratorium in terms of sec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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