TMI Blog2019 (7) TMI 786X X X X Extracts X X X X X X X X Extracts X X X X ..... plicable to be admitted - moratorium declared. - CP(IB) No. 505/10/HDB/2018 - - - Dated:- 13-3-2019 - SHRI RATAKONDA MURALI, MEMBER (JUDICIAL) For The Petitioner : Shri V. B. Raju, Advocate For The Respondent : Shri V. Santosh, along with Shri K. V. Raman, Advocates ORDER Per : Shri Ratakonda Murali, Member (Judicial) 1. This Petition is filed by Lupin Telepower Private Limited / Corporate Applicant to initiate Corporate Insolvency Resolution Process u/s. 10 of the Insolvency and Bankruptcy Code, 2016, following default in repayment of loans borrowed from various financial creditors. 2. Brief averments made in the Petition ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d default amount to the Private Lenders is ₹ 4,33,94,281 (Rupees Four Crore, thirty-three lakhs, ninety-four thousand, two hundred and eighty-one only) and default amount towards other sundry creditors is ₹ 1,76,92,555 (Rupees One crore, seventy-six lakhs, ninety-two thousand, five hundred and fifty-five only). iv. The financial/operational debt occurred due to several banks, financial institutions, Private lenders sanctioned term loans and one cash credit facility and the Corporate Applicant failed to pay. v. It is stated in the Petition that all loans were unsecured business loans and company cheques were provided against the amount as security for the loans. vi. It is stated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from current investors of not funding committed investment to take on new/already accepted orders and works. Complete stoppage of business resulted in zero rotation and left corporate applicant with High Level of Debt. xii. It is stated that Investor s lack of commitment and liability to raise funds affected the inflows and bridge funding. Further work closures resulting in higher overheads, dissatisfied customers, negative reputation, hostile work environment throughout the years 2017 and 2018, affected the performance of Corporate Applicant very badly and no new works would be undertaken during the year 2017 and 2018. xiii. It is stated that non undertaking of business/works created a vacuum and made it d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant filed a memo dated 23.8.2018 about the compliance. 5. There were no responses received for notices except from Financial Creditors namely Kotak Mahindra Bank and Capital First. 6. There was sufficient time provided to the Financial Creditors to file their objections if any. However, on 6.3.2019 the counsel on behalf of Kotak Mahindra Bank and Capital First Limited Financial Creditors reported that the they have no objection to admit the petition filed by the Corporate Applicant under Section 10 of Insolvency and Bankruptcy Code, 2016. 7. I heard the counsel for both the sides. The Financial Creditors who appeared before this Tribunal reported no objection. Hence, I am of the considered view t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of moratorium shall have effect from 13.03.2019 till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier. (5) That the public announcement of the initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and Bankruptcy Code, 2016. (6) That this Bench hereby appoints Shri Chakravarthi Srinivasan R/o. 1-4-211/42/1, Pradhamapuri Colony, Sainkpuri, Hyderabad, 500-062, (Insolvency Professional -(Reg. No. IBBI/02/IP/N00649/2018-2019/11990) as Interim R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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