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TMI Blog2022 (5) TMI 917X X X X Extracts X X X X X X X X Extracts X X X X ..... ute was raised - the Adjudicating Authority directed the operational creditor to issue notice to the corporate debtor on 16.02.2022 and 01.03.2022. The notice which was sent to the respondent got returned twice with endorsement Addressee Refused . Thus this Adjudicating Authority set the Corporate Debtor ex-parte vide order dated 30.03.2022. The claim amount is more than Rs. One Lakh and the Petition is filed before the notification dated 24.03.2020, hence, it is clear that the company petition is admissible. Petition admitted - moratorium declared. - CP (IB) No. 47/9/HDB/2022 - - - Dated:- 29-4-2022 - Dr. Venkata Ramakrishna Badrinath Nandula, Member (J) and Veera Brahma Rao Arekapudi, Member (T) For the Appellant : M.S. Sr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or addressed a notice for payment of Rs. 90,00,000/-. The notice was received but failed to make payments. 2.4 Hence, Form 3 (Demand Notice) dated 26.04.2020 was issued by the Operational Creditor. Along with demand notice termination notice also sent to the corporate debtor to pay outstanding rental amounts to Rs. 1,46,97,030/- and to vacate the premises within 15 days from the receipt of the letter. 2.5 Thereafter, corporate debtor assured to the operational creditor that the rental amounts will be paid promptly, and hence underwent an MOU dated 12.10.2020, wherein corporate debtor acknowledged to Legal notice dated 04.12.2019. Form 3, Demand Notice dated 26.06.2020. Termination Notice dated 07.07.2020. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... than Rs. One Lakh and the Petition is filed before the notification dated 24.03.2020, hence, it is clear that the company petition is admissible. 4. In the above back drop we have perused the record. The lease agreement dated 29.05.2013 besides the MOU dated 12.10.2020 shows the 5. Hence, the Adjudicating Authority admits the Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions: (a) The Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority; transferring ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appoint the IRP. This Bench hereby appoints Shri Mr. Venkat Narsinga Rao Kalvakota, having IBBI Registration No. IBBI/IPA-001/IP-P01361/2018-2019/12130, with email id : kvnrassociates[at]gmail[dot]com as to carry the functions as mentioned under the Insolvency Bankruptcy Code. Thus, there is compliance of Regulation 7A of IBBI (Insolvency Professionals) Regulations, 2016, as amended. Therefore, the proposed IRP is fit to be appointed as IRP since the relevant provision is complied with. Proposed IRP shall file Form-B issued by the IBBI within three days hereafter. This information is also available in IBBI Website. Authorisation for Assignment is valid to 14.11.2022. Thus, there is compliance of Regulation 7A of IBBI (Insolvency Professi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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