TMI Blog2021 (5) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... nspite of this, the Corporate Debtor remained absent. On 23.03.2021, the respondent was called absent and set ex-parte. Upon perusal of pleading, documents and submission, this Adjudicating Authority is of the view that debt and default has been established by the Operational Creditor - application admitted - moratorium declared. - IBA/1429/2019 - - - Dated:- 27-4-2021 - Sucharitha R., Member (J) And Anil Kumar B., Member (T) For the Appellant : Party-in-Person For the Respondents : Ramakrishnan, Advocate for Sathya Ganesh, Advocate ORDER Sucharitha R., Member (J) 1. Under consideration is an Application (in short IBA ) filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (in short, IB Code, 2016) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor which were duly acknowledged. The Corporate Debtor has not made any payments against the running bills amounting to ₹ 2,70,16,480/- together with an interest @ 18% per annum for the works completed during the period from August 2018 to December 2018. The Corporate Debtor had accepted the above amount to be paid to the Operational Creditor in the meeting held on 07.03.2019. The Corporate Debtor has not made any effort to pay and settle the outstanding operational debt inspite of several requests and reminders from the Operational Creditor. The Operational Creditor was constrained to issue a legal notice through their lawyers followed by Demand Notice under Form-3 as per Section 8 IBC on 13.09.2019 calling upon the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olution Process is initiated. 8. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the list furnished by Insolvency and Bankruptcy Board of India appoints Mr. R. Velu, Regn. No. IBBI/IPA-001/IP-P00127/2017-2018/10629 as the Interim Resolution Professional subject to the condition that no disciplinary proceedings are pending against the Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9 (5) of the Code, the moratorium as envisaged under the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: (ii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case may be. 11. The Operational Creditor is directed to pay a sum of ₹ 2,00,000/- (Rupees Two Lakh Only) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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