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TMI Blog2022 (10) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... tioned above. It was also brought to our notice that Corporate Applicant has no secured creditors which was supported vide Certificate issued by Chartered Accountant dated 29.06.2019. The Corporate Applicant started facing heavy losses which resulted in non-fulfilment of their commitments and failed to meet its operational expenses which led to heavy debts which they are not able to meet - there was no objection from any of the stakeholders for the prayer made by the Corporate Applicant. Petition admitted - moratorium declared. - CP ( IB ) No. 339/10/HDB/2021 - - - Dated:- 26-9-2022 - DR. VENKATA RAMAKRISHNA BADARINATH NANDULA , HON BLE MEMBER ( JUDICIAL ) And SH. VEERA BRAHMA RAO AREKAPUDI , HON BLE MEMBER ( TECHNICAL ) Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed capital is Rs. 3,00,00,000/- and paid up share capital is Rs. 2,84,02,280/- respectively 3. The Contentions as put-forth by the Corporate Applicant are: 3.1. It is submitted that pursuant to Section 10 (3) (a) of the IBC, 2016 the Corporate Applicant has filed Financial Statements for preceding 2 years (2017-2018) and (2018-2019) and also Provisional Balance sheet for the current year as on 10.06.2021. A perusal of the same discloses Loss. 3.2. It is submitted that pursuant to Section 10 (3) (b) of the IBC, 2016 the Corporate Applicant has proposed the name of Mr. Anjaneyulu Sadhu as Interim Resolution Professional having Registration No. IBBI/IPA- 001/IP-P00963/2017-2018/11584. The Interim Resolution Professional has submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 1,32,10,445/-. Hence this present Application is filed under Section 10 of the IBC, 2016. 4. In the light of the above pleading the point that arises for consideration by this Adjudicating Authority is 5. Whether the Corporate Debtor has committed a default and the initiation of Corporate Insolvency Resolution Process by the Corporate Debtor is sustainable under the law? 5.1. We have heard Learned Counsel for Corporate Applicant and perused the record. We have gone through the Application submitted by Corporate Applicant under Section 10 of the IBC, 2016 for initiation of Corporate Insolvency Resolution Process. After perusing the Application, we have directed Corporate Applicant to issue notices to all Unsecured Creditors and St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m any of the stakeholders for the prayer made by the Corporate Applicant. 6. We Accordingly pass the following Order. 7. The Adjudicating Authority admits this Application under Section 10 of IBC, 2016 declaring moratorium for the purposes referred to in Section 14 of the IBC, 2016 with following directions: - (a) The Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Applicant 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 Applicant any of its assets or any legal right or beneficial interest therein; any action to foreclo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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