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TMI Blog2019 (6) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... uptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. Vasan Construction Company Private Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. Heard The Counsels for the Financial Creditor, Corporate Debtor and perused the pleadings including the documents placed of file. 3. The Financial Creditor has claimed an amount of Rs. 1,17,75,000/- as outstanding against the Corporate Debtor as on 31-05-2018, which the Corporate Debtor has failed to pay. 4. The brief facts of the case are that on the basis of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor by the Corporate Debtor. 7. The documentary evidence placed on the case file is sufficient in order to ascertain the existence of a default on the part of the Corporate Debtor. The Financial Creditor has fulfilled all the requirements of law including the name proposed for appointment of IRP after obtaining consent in Form-2. Hence, the Application stands admitted. The commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 8. Mr. A.R. Ramasubramania Raja is hereby appointed as IRP as has been proposed by the Financial Creditor. There is no disciplinary proceeding pending against the IRP as reflects from Form-2. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 11. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 & 18 of the I&B Code. The Directors of the Corporate 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, so that he could discharge his functions under Section 20 of the I&B Code, 2016. 12. The Financial Creditor and the Registry are also directed to send the copy of this Order with immediate effect to IRP, so that he could take charge of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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