Section 10 insolvency application admitted after proof of default, triggering moratorium and appointment of an Interim Resolution Professional.

An application under Section 10 of the Insolvency and Bankruptcy Code was found maintainable because the corporate applicant showed default, outstanding debt, and liabilities exceeding assets, and the proposed Interim Resolution Professional provided consent with no disclosed disciplinary proceedings. On that basis, the Tribunal admitted the application, triggered the statutory moratorium under Section 14, appointed the Interim Resolution Professional, and directed public announcement and commencement of the corporate insolvency resolution process.

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Issues: Whether the application under Section 10 of the Insolvency and Bankruptcy Code, 2016 was maintainable and fit to be admitted, and whether moratorium and appointment of an Interim Resolution Professional were warranted.

Analysis: The Corporate Applicant placed material showing default, outstanding debt, and liabilities exceeding assets. A proposed Interim Resolution Professional furnished the required consent and disclosed absence of disciplinary proceedings. The Tribunal found compliance with Section 10 of the Code and held that the statutory consequences under Section 14 followed upon admission. Directions were also issued for public announcement and initiation of the corporate insolvency resolution process.

Conclusion: The application was admitted, moratorium was under Section 14, and the Interim Resolution Professional was appointed.

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