9911796707
TMI Blog2021 (5) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... vity, AAA Rules 2016) by M/s. RAK Engineering, represented by its Proprietor Mr. K. Ramakrishnan (hereinafter referred as "Operational Creditor") for initiate Corporate Insolvency Resolution Process (in short "CIRP") against M/s. Crown Rotmax Engineering Private Limited (hereinafter referred as "Corporate Debtor") on the ground that the Corporate Debtor defaulted in paying Rs. 3,16,12,730/- to the Operational Creditor including interest at the rate of 18% per annum. 2. Learned Counsel for the Operational Creditor submits that M/s. Tamil Nadu Transmission Corporation Limited (TANTRANSCO), Chennai has awarded the contract to M/s. SEW Infrastructure Limited (SEW) who have entrusted the execution of the entire work by virtue of Sub-Contract Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the date of submission of bills but which was returned with an endorsement "Unclaimed". 4. In support of the claim, the applicant has filed following documents: (i) Copy of work orders issued by the Corporate Debtor to the Operational Creditor; (ii) Copy of invoices raised by the Operational Creditor (iii) Statement of Account; (iv) Copy of Balance Sheet of the Corporate Debtor; and (v) Copy of accounts of the Operational Creditor confirming that there is no payment of the relevant unpaid operational debt 5. The notice of summons issued to respondent was returned with the endorsement "left". Hence notice by way of publication was ordered. As per the order of this Tribunal dated 10.02.2021, the operational creditor was directed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntinuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the respondent any of its assets or any legal right or beneficial interest therein; (iv) Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (v) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. 9. However, during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
12. Based on the above terms, the Application stands admitted in terms of Section 9(5) of IBC, 2016 and the moratorium shall come in to effect as of this date. A copy of the Order shall be communicated to the Operational Creditor as well as to the Corporate Debtor above named by the Registry. In addition, a copy of the Order shall also be forwarded to IBBI for its records. Further, the Interim Resolution Professional above named who is figuring in the list of Resolution Professionals forwarded by IBBI be also furnished with copy of this Order forthwith by the Registry.
13. Accordingly, this IB A/1429/2019 is hereby admitted. X X X X Extracts X X X X X X X X Extracts X X X X
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