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TMI Blog2017 (7) TMI 1360X X X X Extracts X X X X X X X X Extracts X X X X ..... l Mr. R. Venkataraman ORDER Per: Ch. Mohd Sharief Tariq, Member-Judicial:- Under adjudication is the Petition which originally came to be filed before Hon'ble High Court of Madras during 2013 and the same has been transferred to this Bench and renumbered as TCP 247/(IB)/CB/2017. The prayer made is to admit the application and to initiate the Corporate Insolvency Resolution Process under th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor. It is also on record that the Corporate Debtor has caused appearance before Hon'ble High Court of Madras and did agree to pay Rs. 15 Lakhs as per the direction of the High Court. Pursuant to which, a Demand Draft to the tune of Rs. 5 Lakhs was paid but rest of the outstanding debt along with interest has not been paid. 4.The Affidavit has been filed in compliance with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Insolvency Resolution Process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 5.We appoint Mr. Venkataramanarao Nagarajan, as IRP as proposed by the Operational Creditor. There is no disciplinary proceedings pending against the IRP and his name is reflected in IBBI website. The IRP is directed to take charge of the Respondent Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication is admitted. 9.The Petitioner and the Registry are directed to send the copy of this Order to IRP so that he could take charge of the Corporate Debtor's assets etc. and make compliance with this Order as per the provisions of I&B Code, 2016. 10.The Registry is directed to communicate this Order to the Operational Creditor and the Corporate Debtor. The address details of the IRP are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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