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TMI Blog2021 (7) TMI 1355X X X X Extracts X X X X X X X X Extracts X X X X ..... ng terms of the OTS despite availing nearly two years time. Thus, the debt and default are admitted in this case and the debt is also within limitation. The application is complete in all respects and the Financial Creditor also suggested the name of Mr. Vijay Pitamber Lulla as Interim Resolution Profession along with his consent letter in Form II. Thus, the present Company Petition satisfies all the necessary legal requirements for admission. Petition admitted - moratorium declined. - C.P. No. 3794/IBC/MB/2019 - - - Dated:- 16-7-2021 - Hon ble Shri H.V. Subba Rao, Member (Judicial) and Hon ble Chandra Bhan Singh, Member (Technical) For the Applicant: Adv. Ms. Rathima Maravaraman For the Respondent: Mr. Akshay Patil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as accepted by the applicant Bank vide sanction letter dated 28.01.2019 on the following terms and conditions; a. Total compromise amount Rs. 93.18 Crores b. Upfront payment: 10% of the compromise amount c. Time frame for the payment of rest of compromise amount: within 90 days from the date of sanction (18.01.2019). iii. Further, as per the compromise proposal sanctioned, the Corporate Debtor has to pay to the Financial Creditor upfront payment of 10% of the compromise amount (Rs. 9.3 Crores) and the balance amount has to be paid by the Corporate Debtor within the duration of 90 days from the date of sanction (i.e. on 18.04.2019) and the settlement had been arrived at, the matter was withdrawn on 31.01.2019. iv. The Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Profession along with his consent letter in Form II. Thus, the present Company Petition satisfies all the necessary legal requirements for admission. 3. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the same is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -3794(MB)/2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s Neptune Developer Limited. b. This Bench hereby appoints Mr. Vijay Pitamber Lulla, Insolvency Professional, Registration No: IBBI/IPA-001/IP-P00323/2017-18/10593 as the interim resolution professional to carry out the functio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP. j. Registry shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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