Corporate insolvency admission follows admitted operational debt and acknowledgment of liability, triggering moratorium and resolution process steps.

An application for initiation of corporate insolvency resolution process was found maintainable because the operational debt was admitted, supported by the demand notice and the debtor's acknowledgment of liability. The requirements under the Insolvency and Bankruptcy Code, 2016 for admission were treated as satisfied, so the application was admitted. On admission, the statutory consequences under Sections 13 to 16 followed, including declaration of moratorium, public announcement, and appointment of an interim resolution professional.

---

---

Issues: Whether the application for initiation of corporate insolvency resolution process was maintainable and liable to be admitted, and whether a moratorium and appointment of an interim resolution professional were to follow.

Analysis: The application was founded on an admitted operational debt, supported by the demand notice and the debtor's acknowledgment of liability. The requirements for initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 were treated as satisfied. On admission, the statutory consequences under Sections 13 to 16 followed, including declaration of moratorium, public announcement, and appointment of an interim resolution professional.

Conclusion: The application was admitted, moratorium was declared, and Mr. Anil Agarwal was appointed as interim resolution professional.

---