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TMI Blog2018 (5) TMI 1279X X X X Extracts X X X X X X X X Extracts X X X X ..... he Insolvency and Bankruptcy Code 2016 read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules, 2016). 2. M/s ASAP Info Systems Private Limited is a Private Limited Company incorporated under the provisions of the Companies Act, 1956. The Board of Directors of ASAP Info Systems Private Limited passed a resolution on 04-08-2017 authorising its Director Shri Ravi Vishwanath and Shri Giridharan Viswanathan as authorised signatories to file this petition. 3. M/s Business Arts India Private Limited incorporated under the provisions of the Companies Act, 1956. The Registered Office of the corporate debtor is situated in Hitech City, Hyderabad, Telangana. 4. The corporate debtor represented by its Managing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing in the website of Ministry of Corporate Affairs and as mentioned in the Service Agreement dated 22-04-2016. 5. It is stated by the operational creditor that corporate debtor committed default in repayment of the operational debt. Operational creditor proposed the name of Sri Sudhir Babu Chalasani Insolvency Professional as Interim Resolution Professional. 6. Petitioner filed proof of service of copies of petition on the respondent. This adjudicating authority directed to the petitioner to serve the notice of date hearing on the respondent and file proof of service. Petitioner filed memo of proof of service on respondent along with the acknowledgment of the Managing Director of respondent. Petitioner also filed the certificate issued b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... linchingly established that operational creditor undertook to pay the due amount to the petitioner in the month of May once they received amounts. 9. The statement of Bank Account filed by the operational creditor and the certificate issued by the HDFC Bank also establish that unpaid operational debt has not been paid by the corporate debtor to the operational creditor. 10. The amount due to the petitioner from the respondent is in respect of providing of employees by the petitioner to the respondent. Therefore, the amount claimed is in respect of providing services i.e. employment. The "Operational debt" is defined in section 5(21) of the code which reads as under: "Operational debt" means a claim in respect of the provision of goods or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the commencement of Corporate Insolvency Resolution Process with the admission of, this Petition and appointment of the Interim Resolution Professional, this Adjudicating Authority hereby passes the order declaring moratorium under Section 13(1) (a) prohibiting the following as laid down in section 14 of the Code; a. The institution of suits or continuation 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; b. Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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