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TMI Blog2019 (4) TMI 1605X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor has proposed the name of the IRP, after seeking consent in Form-2. Hence, the Applicant/Corporate Debtor has fulfilled all the requirements of law for admission of the Application. Therefore, Application filed under Section 10 of the I B Code, 2016, is admitted. The Corporate Insolvency Resolution Process is set in motion against the Applicant/Corporate Debtor which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Mr. Mathur Sabhapathy Viswanathan, is appointed as IRP. There are no disciplinary proceedings pending against him. The IRP is directed to take charge of the Corporate Debtor s assets and management immediately. The supply of essential goods or services of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process for the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional. The Application is supported by the special resolution passed by the shareholders of the Applicant/Corporate Debtor which is placed at page 3 of the additional typed set filed with the Application. 2. Heard the Counsels for the Corporate Debtor, the Financial Creditor viz., Indian Overseas Bank and perused the record placed on the case filed. 3. The outstanding debt owed by the Applicant/Corporate Debtor to the Financial Creditors is mentioned in Para-3 of Part-III of the Application as ₹ 1,42,37,534/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Overseas Bank to the Applicant/Corporate Debtor which is placed at page 24 of the additional typed set of documents filed with the Application wherein the Bank has shown overdue amounts in the loan accounts of the Corporate Debtor as Rs.l,03,65,706.67p and ₹ 2,79,973.61p. In the said letter, it has been clearly brought out that there is no operation in Cash Credit accounts by the Applicant/Corporate Debtor since June, 2018. 8. There is other evidence of pendency of the Civil Suit against the Applicant/Corporate Debtor for recovery of the debt by other creditors. Copy of the Suit filed under OS No.299/2018 is placed at pages 5 to 23 of the additional typed set of document filed with the Application. 9. One ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016, is admitted. The Corporate Insolvency Resolution Process is set in motion against the Applicant/Corporate Debtor which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 12. Mr. Mathur Sabhapathy Viswanathan, is appointed as IRP. There are no disciplinary proceedings pending against him. The IRP is directed to take charge of the Corporate Debtor s assets and management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I B Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. The moratorium is hereby declared which shall have effect from the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor, its promoters or any person associated with the Management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the I B Code, 2016. 15. The Registry and the Corporate Debtor are directed to send the copy of this Order to the IRP for making compliance with this Order as per the provisions of I B Code, 2016. The details of address of the IRP are as follows:- Mr. Mathur Sabhapatlhy Viswanathan, Reg.No. IBBI/IPA-001/IP-P00674/2017-2018/11148 No. 15/35, Musafer Jung Bahadur Street, Triplicane, Chennai - 600 005, Tamil Nadu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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