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TMI Blog2022 (7) TMI 1035X X X X Extracts X X X X X X X X Extracts X X X X ..... and established. Since, it is not the case of corporate debtor that it discharged the said debt, the default also stands established. Petition admitted - moratorium declared. - CP (IB) No. 17/9/HDB/2022 - - - Dated:- 1-7-2022 - Dr. Venkata Ramakrishna Badrinath Nandula, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : Sneha Agarwal, Practicing Company Secretary For the Respondents : C. Shilpa, Advocate ORDER 1. This Petition is filed under Section 9 of Insolvency and Bankruptcy Code (hereinafter to be referred as Code ), read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking admission of the petition, initiation of Corporate Insolvency R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bt by contending that rupees 2,50,00,000 (Two crores fifty thousands only) is due but not Rs. 3,00,50,089 (three crores fifty thousands and eighty nine only) as claimed by the applicant. (ii). According to the corporate debtor it had approached the applicant to settle the dues as the corporate debtor was facing a lot of financial crises. (iii). That considering the financial position of the Corporate Debtor. The Hon'ble tribunal may pass appropriate orders. 4. In light of the context put forth, the point that emerges for consideration is: Whether there is an operational debt as claimed by the applicant due and payable by Corporate Debtor, If so, whether the Corporate debtor defaulted in payment of same?. 5. We have h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (C) That the supply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vency and Bankruptcy Code, 2016. (H) Accordingly, this Tribunal appoints Shri Maligi Madhusudhana Reddy having registration No. IBBI/IPA-001/IP-IP00843/2017-2018/11427 Residing at G-8, amrutha ville, opp. yashoda hospital, Rajbhavan Road, Somajiguda, Hyderabad, 500082 as IRP. The aforesaid IRP has no disciplinary proceedings pending against him. Proposed IRP filed Form-B issued by the Institute of Insolvency Professional. This information is also available in IBBI Website. 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.] (I) The petitioner is directed to pay a sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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