TMI Blog2021 (4) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of the IB Code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. In these circumstances, having satisfied with the submissions made by the Petitioner/Operational Creditor, this Adjudicating Authority is inclined to admit the instant Application. Application admitted - moratorium declared. - CP (IB) No. 246/9/HDB/2020 - - - Dated:- 26-3-2021 - Madan B. Gosavi, Member (J) And Dr. Binod Kumar Sinha, Member (T) For the Appellant : J.V.L. Bharti For the Respondents : V. Subramanyam, Director ORDER 1. Under consideration is a Company Application filed by M/s. Sri Lalitha Equipments (in short Petitioner/Operational Creditor ) under section 9 of the Insolvency and Bankruptcy Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces rendered. But some of the bills were not paid by the Corporate Debtor. Services continued as contract was on roll and some payments were released. e) That the Operational Creditor sent many letters and mails for payment of bills but Corporate Debtor delayed payments and replied that his payments were stuck and financial condition was not well they delayed payments on one pretext or another, only some bill were cleared and due to promises of Corporate Debtor that they would clear all payments in due course, Operational Creditor continued to work and raise bills. f) The Operational Creditor submitted that as per the final ledger statement the outstanding default amount was ₹ 18,28,000/- as on 31.03.2010. Now, the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itiating Corporate Insolvency Resolution Process. In these circumstances, having satisfied with the submissions made by the Petitioner/Operational Creditor, this Adjudicating Authority is inclined to admit the instant Application. 6. Accordingly, the instant application is hereby admitted and this Adjudicating Authority orders the commencement of the Corporate Insolvency Resolution Process (CIRP) which shall ordinarily be completed within the timelines stipulated in the IB Code, 2016 (as amended), reckoning from the day of this order is passed. 7. This Adjudicating Authority hereby appoints Mr. Gonugunta Murali, having his Regn. No. IBBI/IPA-001/IP-P00654/2017-2018/11139 as IRP. He should file his written consent in Form-2 and Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an owner or lessor where such property is occupied by or in the possession of the corporate debtor. e. Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium ..... X X X X Extracts X X X X X X X X Extracts X X X X
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