9911796707
TMI Blog2021 (7) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority) Rules, 2016, for seeking the following reliefs: 1. To direct BUILD MATE PROJECTS PVT. LTD. to pay all the Operational dues of Rs. 9,34,767.00/- (Nine Lakh Thirty Four Thousand Seven Hundred and Sixty Seven Rupees Only) @ 18% interest per annum from the due date of default till date of payment. 2. To direct the Corporate Debtor to pay all operational dues as mentioned above in point No. 1 and also mentioned in details form Part I to Part V of the said petition. 3. To initiate Corporate Insolvency Resolution Process (CIRP) in respect of BUILDMATE PROJECTS PVT. LTD. under the Insolvency and Bankruptcy Code, 2016. 4. Further, To Declare BUILDMATE PROJECTS PVT. LTD. as insolvent Company under the Insolvency and Bankru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor. h) Reiterating the above, learned counsel for the Operational Creditor prayed to admit the instant Application. 3. It is seen from the record that during the initial phase of the instant proceedings, the Respondents were represented by their counsels Shri Samuel Nagdeshi/Shri Mohan Rao on several dates upto 13.02.2020. During these appearances, the Learned Counsel submitted that the parties are making efforts to settle the matter, and sought time for filing joint memo of settlement. No reply affidavit, however, was filed. It is seen from record that after 13.02.2020, the matter was posted on various dates i.e., 05.03.2020, 29.10.2020, 04.12.2020, 11.12.2020, 08.01.2021, 19.02.2021, 01.04.2021 and 07.07.2021, but there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and this Adjudicating Authority orders the commencement of the Corporate Insolvency Resolution Process (CIRP) which shall ordinarily be completed within the timelines stipulated in the IB Code, 2016 (as amended), reckoning from the day of this order. 7. Accordingly, this Adjudicating Authority hereby appoints Mr. A. Gopala Krishna, having his Regn. No. IBBI/IPA-001/IP-P02252/2021-2022/13555 as IRP. He is directed to file his written consent in Form-2 and Authorization for Assignment within three (3) days of this order. 8. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under section 15 of the IB Code, 2016 within three days f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overnment, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period. 11. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. Further, if the IRP considers supply of any goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such ..... X X X X Extracts X X X X X X X X Extracts X X X X
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