9911796707
TMI Blog2020 (3) TMI 1474X X X X Extracts X X X X X X X X Extracts X X X X ..... ed a qualified Resolution Professional namely Mr. Hari Babu Thota, who has filed his written Consent in Form -2 on 28.08.2019 by inter alia declaring that no disciplinary proceedings pending against him with the Board or ICSI Insolvency Professionals Agency. Therefore he is provisionally eligible to be appointed as IRP. Hence, the Instant Company Petition is fit case to admit by initiating CIRP appointing by IRP, and declaring moratorium etc., in respect of the Corporate Debtor. The petition is admitted - IRP appointed - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... s of Rs. 10/- each. (3) It is stated that both Operational Creditor and Corporate Debtor entered into Transport Service Agreement dated 01st June 2014 by which Operational Creditor agreed to provide its vehicle for transporting the employees of the Corporate Debtor between: a. Nelamanagala and Company's Factory at Deganahalli b. Bangalore and factory at Deganahalli Both to and fro. The Agreement was effective from 1st June 2014 till 31st May 2017, and the same was further extended from 1st June 2017 to 21st May 2019 wide letter dated 01st June 2017 issued by the Corporate Debtor and accepted by the Operational Creditor (4) It is stated that the Operational Creditor, after rendering requisite service raising the invoices. Howev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s issues in running its business activities. The Corporate Debtor has been trials and tribulations due to various factors that adversely affected its functioning. (2) It is further submitted that for the financial year 2018-19 as per the Audited Financial Statements, the Corporate Debtor had reported a drastic fall in the revenue generation and the Corporate Debtor had to sell its assets to meet its financial requirements. The following is the financial status, strength and substratum of the Company, in overall context. The Corporate Debtor has the following turnover and Balance sheet size for the previous 3 years. F.Y Turnover (Rs.) P & L (Rs.) Balance Sheet Size (Rs.) 2016-17 9,32,84,130.00 (4,26, 14,793.00) 33,79,17,630.00 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat no disciplinary proceedings pending against him with the Board or ICSI Insolvency Professionals Agency. 6. As stated supra, the Debt and Default in question, are admittedly not in dispute, and the Respondent also admits the Debt and default as per counter as mentioned supra. The instant Petition is filed strictly in accordance with the extant provisions of the Code, and also suggested a qualified Resolution Professional namely Mr. Hari Babu Thota, with Registration No. IBBI/IPA-002/IP-N00084/2017- 2018/10225, who has filed his written Consent in Form -2 on 28.08.2019 by inter alia declaring that no disciplinary proceedings pending against him with the Board or ICSI Insolvency Professionals Agency. Therefore he is provisionally eligible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) The recovery of any property by an owner or lessor where such property is occupied by or the possession of the Corporate Debtor; e) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated. or suspended or interrupted during moratorium period; f) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sec ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
