TMI Blog2019 (10) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... btor has committed default in making payment of the outstanding debt claimed by the Operational Creditor. Therefore, Application is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared. - CP/1258/IB/2018 - - - Dated:- 16-7-2019 - CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) For The Operational Creditor : Mr Rahul Balaji, Mr Vishnu Mohan And Ms. Shobhana Krishnan For The Corporate Debtor : Ex-parte ORDER CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) 1. Under Adjudication ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditor at RTC basis in 5 Slots. The Agreement was extendable for future period on mutually agreed terms between the parties. 5. Clause 8.2 of the said Agreements provides that the Corporate Debtor shall purchase the power made available by the Operational Creditor at the delivery point for the consumption at a purchase price of ₹ 5.37p per unit including miscellaneous charges. 6. Clause 12.5 of the said Agreement provides that if there is delay in making payment, then, interest @ 2% per month will be calculated for the period of delay expressed in number of days on unpaid amount of the Invoice, till the recovery of all dues including interest on delayed payment. 7. Pursuant to the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I B Code, 2016. It is ordered to prohibit all of the following, namely :- ( 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 any security interest create ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19, so that he could discharge his functions under Section 20 of the I B Code, 2016. 15. The Operational Creditor and the Registry are directed to send the copy of this Order to IRP, so that he could take charge of the Corporate Debtor s assets etc., and make compliance with this Order as per the provisions of I B Code, 2016. 16. The Registry is directed to communicate this Order to the Operational Creditor, the Corporate Debtor and the concerned RoC. The address details of the IRP are as follows: - Mr. Madurai Sundaram Sankar, Reg.No. IBBI/IPA-001/IP-P00770/2017-2018/11315 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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