TMI Blog2021 (4) TMI 892X X X X Extracts X X X X X X X X Extracts X X X X ..... on admitted. - IBA/20/2020 - - - Dated:- 30-3-2021 - R. Sucharitha, Member (J) And B. Anil Kumar, Member (T) For the Appellant : T. V. Muthu Abirami, Advocate ORDER R. Sucharitha, Member (J) 1. Under Consideration is an Insolvency Bankruptcy Application filed u/s. 10 of the Insolvency Bankruptcy Code, 2016 ( the Code ) by M/s. Aesys Technologies Private Limited (in short, the Corporate Applicant ) for initiation of Corporate Insolvency Resolution Process (CIRP) under Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, 'I B Rules 2016'), following a default in meeting the financial obligations to its Operational Creditor viz. Aesys S.P.A., Italy as shown in the Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant have been filed. 4. It is averred in the application that the Income Tax Returns were filed for the financial year 2018-2019. With respect to Provident Fund and ESI, it is submitted that the company is not required to take registration under this Act since the number of employees is less than threshold limit and that the cancellation of GST Registration has been applied for, but not yet approved, however, Return has been filed till February 2020. The Applicant has also filed a list of FEMA compliances. 5. The Applicant Company has also placed on record that passed a special resolution on 30.09.2019 for initiating a Corporate Insolvency Resolution process under Section 10 of the Code. Apart from this, the Corporate Applicant has fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Applicant in respect of its property including any action under the Securitization 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 in the possession of the Corporate Applicant. II. That Supply of essential goods or services to the Corporate Applicant, if continuing, shall not be terminated or suspended or interrupted during moratorium period. III. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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