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TMI Blog2022 (1) TMI 712X X X X Extracts X X X X X X X X Extracts X X X X ..... y was due to the pandemic and due to the incidents mentioned in the counter. When debt is admitted, the reasons for the inability to pay, cannot help the Corporate Debtor however valid they are. It is for the Corporate Debtor to settle the matter with Financial Creditor. As it failed to do so, the Petition made to be allowed. It is a fit case to admit and order initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor - Petition admitted - moratorium declared. - CP (IB) No. 69/7/AMR/2021 - - - Dated:- 5-1-2022 - Telaprolu Rajani, J. (Member (J)) For the Appellant : Sneha Agarwal, Advocate For the Respondents : P. Kasi Nageswara Rao, Advocate ORDER Telaprolu Rajani, J. (Member (J)) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - and interest of ₹ 2,75,25,159/-. The total amount due is ₹ 20,21,15,159/- as on 31.03.2021. 4. The Financial Creditor requested the Corporate Debtor several times to pay the loan outstanding. But the Corporate Debtor neglected and failed to make the payment to the Financial Creditor. 5. The Corporate Debtor filed counter, admitting at paragraph 7 of the counter that the Financial Creditor entered into a loan agreement dated 01.04.2017 to a tune of ₹ 18,00,00,000/- with the Corporate Debtor with simple interest payable at 12% per annum and repayable on or before 31.03.2021 without any notice. He further states that Corporate Debtor has paid some amounts as agreed and at present it is liable to pay an amount of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... help the Corporate Debtor however valid they are. It is for the Corporate Debtor to settle the matter with Financial Creditor. As it failed to do so, the Petition made to be allowed. 9. Hence I am of the considered view that it is a fit case to admit and order initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Financial Creditor has suggested one name i.e., Mr. Maligi Madhusudhana Reddy (IBBI/IPA-001/TP-P00843/2017-2018/11427) as Insolvency Resolution Professional (IRP). ORDER The Company Petition is admitted. The Corporate Insolvency Resolution Process of the Corporate Debtor shall commence from this date and shall be completed within 180 days hence. i. Mr. Maligi Madhusudhana R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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