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TMI Blog2019 (9) TMI 1656X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner has complied with all the requirements as stipulated under the provisions of the IB Code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. In these circumstances, this Adjudicating Authority is inclined to admit the instant petition. The instant petition is admitted and this Adjudicating Authority order the commencement of the Corporate Insolvency Resolution Process which shall be completed in accordance with the time lines prescribed in section 12 of the 1B Code, 2016, reckoning from the day this order is passed - Application allowed. - CP (IB) No.374/07/HDB/2019 - - - Dated:- 27-9-2019 - Shri. K. Anantha Padmanabha Swamy, Member Judicial And Dr. Binod Kumar Sinha, Member Technical. For the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he month of April 2011, the Corporate Debtor approached this Financial Creditor (Corporation Bank) and Vijaya Bank, Banjarahills Branch for availing loan facilities under consortium banking arrangements. It is submitted that Corporate Debtor proposed to avail the following loan facilities under the Consortium Banks subject to the terms and conditions mentioned in the loan documents. Bank Facility Rs.in Lakhs Vijaya Bank Term Loan 650.00 Working Capital 100.00 Corporation Bank (Financial Creditor) Terms Loan 625.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the credit facility advanced to the corporate debtor. 9. It is stated that Form No.8 was filed with ROC and Charge Certificate dated 11.10.2013 for Rs.18.75 Crores issued by the RoC. 10. It is stated that meanwhile, the Corporate Debtor had again approached the Consortium Banks in the month of August 2013 for renewal of the existing Working Capital facility and fresh Working Capital Facility of Rs.200.00 Lakhs from Vijaya Bank and Rs.200.00 Lakhs from this Financial Creditor. The Consortium Banks sanctioned the said additional limit subject to the terms and conditions mentioned in the sanction letter dated03.08.2013. 11. It is stated that the Board of Directors of Corporate Debtor passed Resolution dated 16.08.2013 autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng with the matter, it is necessary to mention herein that a final chance was given to the Respondent for appearance before this Adjudicating Authority. Therefore, this Adjudicating Authority on 01.07.2019, directed the counsel for Petitioner/ Financial Creditor to issue newspaper publication by way of notice regarding intimation of next date of hearing to the Corporate Debtor and the same was carried out by the Petitioner in Telangana Today (English) and Mana Telangana (Telugu) on 10.07.2019 edition in the region where the Registered Office of the Corporate Debtor is located and filed the proof of the same. 16. During the hearing on 18.07.2019, one Mr. Sunil, Director of the Corporate Debtor appeared and prayed time for engaging a cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppoint Mr. Sridhar Venkatraya Sundararaja, as IRP as proposed by the Financial Creditor. There is no disciplinary proceedings pending against the IRP as evidenced from Form2 and his name is reflected in IBBI website. The IRP is directed to take charge of the Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the Insolvency and Bankruptcy Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 22. The moratorium is hereby declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purpose referred to in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under Section 19 and for discharging his function under Section 20 of the I B code, 2016. 25. The Financial Creditor and the Registry are directed to send the copy of this Order to IRP so that he could take charge of the Corporate Debtor's assets etc., and make compliance with this Order as per the provisions of I B code, 2016. 26. The Registry is directed to communicate this Order to the Financial Creditor and the Corporate Debtor. 27. The detailed address of the IRP is as follows:- Mr. Sridhar Venkatraya Sundararaja, Insolvency Professional (IBBI/IPA-002/IP-N00146/2017-18/ 10382) Regus, 1st floor, Phoenix Tech Tower, Plot No, 14/46, Survey No. 1 (part), IDA-Uppal Village and Mandal, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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