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TMI Blog2018 (5) TMI 1279X X X X Extracts X X X X X X X X Extracts X X X X ..... debt claimed or exist a suit or pendency of other proceeding in respect of the operational debt. The petition is complete in all respects. This application deserves to be admitted and it is accordingly admitted. - CP (IB) NO. 48/9/HDB/2018 - - - Dated:- 19-4-2018 - MR. BIKKI RAVEENDRA BABU, J. For The Petitioner/Operational/Creditor : Mr. M. Srinivas And Mr. Giridharan For The REspondent/Corporate Debtor : None Appeared ORDER Per : Shri Bikki Raveendra Babu, Member Judicial 1. This petition is filed by M/s ASAP Info Systems Private Limited, seeking corporate Insolvency resolution process in respect of M/s Business Arts India Private Limited styling it as corporate debtor Under Sec. 9 of the Insolvency and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds the invoices of an aggregate amount of ₹ 75,80,161/- (Rupees Seventy Five Lakhs Eighty Thousand One Hundred and Sixty one only) relating to the period from May 2016 to May 2017. According to the petitioner the above said amount due to it is an operational debt and therefore, it is an operational creditor. Operational creditor issued demand notice, under rule 5(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, on 29-08-2017 and sent it by registered post with Acknowledgement Due and as well as by Speed Post to the corporate debtor. The notice sent to the corporate debtor were returned unserved with insufficient address. The notice were sent to the addresses of the corporate debtor as appearing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice and delivery status. Petitioner also filed copy of Bank account maintained by operational creditor with the HDFC Bank from 01-04- 2016 to 31-03-2017 regarding the confirmation that there is no payment of unpaid operational debt by the corporate debtor. 7. Inspite of service of notice of date of hearing on the respondent, respondent did not choose to appear and file to reply. This Tribunal listed the matter on 23-03- 2018 and again on 03-04-2018 for hearing. Even on 03-04-2018 respondent did not choose to appear and file reply. 8. The perusal of the agency agreement dated 22-04-2016 coupled with the copies of the invoices, the statement of outstanding amounts, the email correspondence between operational creditor and corporate debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or exist a suit or pendency of other proceeding in respect of the operational debt. The petition is complete in all respects. Therefore, this application deserves to be admitted and it is accordingly admitted. 12. This Adjudicating Authority is also appointing the Insolvency Professional, Sri. Sudhir Babu Chalasani, 301, Krishna Teja Kingdom, 2-2-20/21 D.D. Colony, Hyderabad-500007, Telangana. Email address: [email protected] REGN NO. IBBI/IPA/- N00219/2017-18/10671 as Interim Resolution Professional u/Sec. 13(l)(b) of the code. 13. Section 13 of the Code says that after admission of the application under Section 9, the Adjudicating Authority shall pass an order declaring moratorium for the purposes referred to in Section 14. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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