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TMI Blog2022 (3) TMI 1261X X X X Extracts X X X X X X X X Extracts X X X X ..... d prove the contentions made in the reply notice. Whereas, by virtue of the documents filed by the Operational Creditor his case stand proved prima facie. Since his case is non-controverted, it has to be accepted as true. It is a fit case to admit and order initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor - Company Petition is admitted - moratorium declared. - CP (IB) No. 9/9/AMR/2022 - - - Dated:- 21-3-2022 - Telaprolu Rajani, J. (Member (J)) For the Appellant : D. Narendar Naik, Advocate ORDER Telaprolu Rajani, J. (Member (J)) 1. This Petition is filed by Mr. Baisetty Ajay Kumar, ( hereinafter referred to as Operational Creditor ) seeking initiation of Corporate Insolvency R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Operational Creditor has to serve as Executive Director for a term of 4 years. The SRS Investments/JM Financial made bad investments to a tune of ₹ 600,00,00,000/- due to which their fund flow into the Corporate Debtor dried up, leading to a stagnation of the project. The Operational Creditor, in order to safeguard his interest, requested to execute a written agreement in respect of the revenue share which was originally promised to him for the services already rendered by him towards identification, conception, development of the Project. Accordingly, the Operational Creditor and Corporate Debtor entered into a Revenue Sharing Agreement dated 29.01.2009. ii. The revenue share entitlement of the Operational Creditor is on a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or avoiding payment. Thereby the Corporate Debtor committed default. On the basis of the above submissions, the learned counsel appearing for the Operational Creditor seeks this Tribunal to admit the Company Petition. 3. The Operational Creditor issued notice to the Corporate Debtor by informing the next date of hearing. But the notice sent to the Corporate Debtor is refused and none appeared for the Corporate Debtor. Hence, heard the Counsel for the Operational Creditor. Though in the reply notice, the Corporate Debtor took a stand that the Operational Creditor failed to perform his duties as prescribed under the agreements and that the term of 4 years elapsed as per contract dated 31.12.2011 and was not renewed and that the project ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... necessary steps in furtherance of the CIRP in terms of Sections 13(2), 15, 17, 18 and 20 of Code and Rules made thereunder. iii. Moratorium in respect of the Corporate Debtor is hereby declared in terms of Section 14 of the Code. iv. The Directors, Promoters or any other person(s) associated with the management of Corporate Debtor shall extend all assistance and cooperation to the IRP as stipulated under section 19 of the Code for effectively discharging his functions under the Code. v. The Registry shall communicate the order to the Operational Creditor and the Corporate Debtor forthwith. vi. The Operational Creditor and the Registry shall send the copy of this order to IRP for necessary compliance. - - TaxTMI - TMITax - I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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