Corporate insolvency admission followed proof of debt, default, jurisdiction, moratorium, and appointment of the proposed resolution professional.

A petition for initiation of corporate insolvency resolution process was examined under the Insolvency and Bankruptcy Code on the basis of disclosed financial debt, default, prior restructuring of facilities, and service of notice on the corporate debtor. The Tribunal noted that the corporate debtor did not appear despite service, and accepted territorial jurisdiction as well as the existence of debt and default on the materials placed. It then admitted the petition, commenced moratorium, and appointed the proposed interim resolution professional subject to the required disclosures being filed.

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Issues: Whether the petition seeking initiation of corporate insolvency resolution process deserved admission under Section 9(5) of the Insolvency and Bankruptcy Code, 2016, and whether moratorium and appointment of the proposed interim resolution professional should follow.

Analysis: The petition disclosed the financial debt, the default, prior restructuring of the facilities, and service of notice on the corporate debtor. The corporate debtor did not enter appearance despite service. On the materials placed, the Tribunal found territorial jurisdiction, existence of debt, and default. The proposed interim resolution professional was also placed on record, and the Tribunal directed that the required disclosures be filed.

Conclusion: The petition was admitted, moratorium commenced, and the proposed interim resolution professional was appointed.

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