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TMI Blog2022 (2) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditor herein. But also other debts to the Operational Creditor and that the Corporate Debtor is not a viable condition is obvious from the said submitted facts. In these circumstances, there cannot be any other option for the Tribunal except to order for Corporate Insolvency Resolution Process (CIRP). 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 - moratorium declared. - CP (IB) No. 74/7/AMR/2021 - - - Dated:- 18-1-2022 - Telaprolu Rajani, J. (Member (J)) For the Appellant : J. Basava Raju, Advocate For the Respondents : V.V.S.N. Raju and Praveen Kumar Jain, Advocates ORDER Telaprolu Raj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NPA. Further, the Corporate Debtor has approached the Bank to settle the said amount and got one Time Settlement (OTS) offer for INR 13.5 Crores payable within 90 days. As per the said OTS, INR 6 Crores is to be paid within 30 days and remaining INR 7.5 Crores to be paid within 90 days. The Corporate Debtor has paid INR 4 Crores out of INR 6 Crores payable in the first tranche and requested the Financial Creditor for a fund of INR 2.10 Crore for fulfilling the first tranche stating that initially they would repay the same within 6 months along with interest @ 15% p.a. On 03.10.2017 the Financial Creditor has granted the required loan of INR 2.10 Crores to the Corporate Debtor. The Corporate Debtor availed the loan and utilized the same. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is evident that the Corporate Debtor is not only indebted to the Financial Creditor herein. But also other debts to the Operational Creditor and that the Corporate Debtor is not a viable condition is obvious from the said submitted facts. In these circumstances, there cannot be any other option for the Tribunal except to order for Corporate Insolvency Resolution Process (CIRP). 6. 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. Rajesh Chillale (IBBI/IPA-001/IP-P00699/2017-2018/11226) as Insolvency Resolution Professional (IRP). ORDER The Company Petition is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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