CIRP admitted as there is default in repayment of debt and application u/s. 10 is complete

In re Venus Star Chit Pvt Ltd (NCLT Chennai) NCLT Chennai held that application u/s. 10 of the Insolvency and Bankruptcy Code admitted for initiation of Corporate Insolvency Resolution Process [CIRP] against Corporate Applicant since there is a default in the repayment of debt and the petition filed u/s. 10 is complete. Facts- The Company Venus Star Chit Private Limited, the Petitioner/Corporate Applicant has filed this petition under Section 10 of Insolvency and Bankruptcy Code, 2016 r/w Rule 7 of IBBI (Application to Adjudicating Authority) Rules, 2016 for initiating insolvency proceedings a...