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TMI Blog2021 (9) TMI 384X X X X Extracts X X X X X X X X Extracts X X X X ..... earing for the Corporate Debtor was present at the time of final arguments on 06.08.2021, he did not raise any legal issues opposing the company petition except making statement that the Corporate Debtor has submitted One Time Settlement to the Financial Creditor. Thus, the present Company Petition satisfies all the necessary requirement for admission and the claim of Financial Creditor remained unchallenged. This tribunal is of the considered opinion that the company petition is liable to be admitted - petition admitted - moratorium declared. - C.P. No. 4686/IBC/MB/2019 - - - Dated:- 12-8-2021 - Hari Venkata Subba Rao, Member (J) And Chandra Bhan Singh, Member (T) For the Appellant : Asha Bhuta Associates For the Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of the raw material, excisable raw materials, stocks in process, semi-finished goods (including bought out finished goods) and book debts, outstanding decrees, money receivables, government subsidies, claims, bill contracts and investments, etc. to secure cash Credit Facility of ₹ 13,44,00,000/-. 5. The Corporate Debtor (CD) executed Hypothecation of Assets 5.11.2015 in favour of Financial Creditor in respect of the Lan Building at S.F. No. 118/1,2,119/1,2, 120/1A and 120/2A, Thaneerthotti, Valapadi-Thuraiyur Rd. Nagiampathy-Post, Gangavalli Taluka, Salem District 636113 along with Entire Plant Machinery and Entire Plant Machinery at S.F. No. 83/2, Jalaram Ind. Estate, Athal Silvasa and Block Assets-Present Future ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etition. FINDINGS 1. Even though the Corporate Debtor has put up appearance through their advocate, they did not choose to file any reply since 02.01.2020 opposing the above Company Petition. Therefore, the Corporate Debtor's right to file reply was forfeited on 27.07.2021. 2. Heard the counsel appearing for the Financial Creditor and perused the record. The counsel appearing for the Financial Creditor invited the attention of this Tribunal to various loan documents executed by the Corporate Debtor while sanctioning the loan to the Corporate Debtor. The counsel appearing for the Financial Creditor also invited the attention of this Tribunal to the statement of accounts of the Corporate Debtor relating to all the loan facil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s. Ammanarul Spinners Pvt. Ltd. Ors. b. This Bench hereby appoints Areion Resolution Turnaround Pvt. Ltd. through Shri Vinod Kumar Pukhraj Ambavat, Registration No: IBBI/IPA-001/IP-P00420/2017-18/10743 as the Interim Resolution Professional to carry out the functions as mentioned under the Insolvency Bankruptcy Code, 2016. c. The Financial Creditor shall deposit an amount of ₹ 5 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits the institution of suits or continuation of pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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