9911796707
TMI Blog2021 (6) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... d by M/s. Shyamshree Traders (P.) Ltd. through its Director, Mr. Saket Agarwal against the M/s. Tuff Tubes (Orissa) Pvt. Ltd. The applicant submits that for a sum of Rs. 1,65,86,165/- (Rs. One Crore Sixty-Five Lakhs Eighty-Six Thousand One Hundred and Sixty-Five) as on 15.01.2020 including interest 12% per annum from 18.03.2019 to 15.01.2020 is due and payable by the Corporate Debtor to the applicant herein. 2. The applicant submits that the Corporate Debtor had obtained financial assistance from the Bank of India, Moulali Branch for expanding its business secured by equitable mortgage created by deposit of title deed of various immovable assets. However, due to continuous losses being suffered by the Corporate Debtor started defaulting in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount to the tune of Rs. 1,40,49,015/- (One Crore Forty Lakh Forty-Nine Thousand and Fifteen) along with interest @ 12% per annum treating the same as a loan as per the terms of M.O.U. dated 18.09.2018. The Corporate Debtor vide its Letter dated 21.03.2019 acknowledged the aforesaid letter of the Financial Creditor and also agreed to repay the said disbursed amount within a period of 270 days from the date of the aforesaid Letter dated 18.03.2019 together with interest @ 12% per annum. 5. The Corporate Debtor intimated the Financial Creditor that the company is facing immense financial crisis and as such not in a position to repay the outstanding i.e., Rs. 1,40,49,015/- (One Crore Forty Lakh Forty-Nine Thousand and Fifteen) along with in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal. This application is defect free. Hence, this application is admitted by following Order. ORDER (i) The application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor M/s. Tuff Tubes (Orissa) Pvt. Ltd. is hereby ADMITTED. (ii) We declare a moratorium and public announcement in accordance with Sections 13 and 15 of the Insolvency & Bankruptcy Code, 2016. (iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Insolvency Resolution Process. (viii) 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. (ix) Necessary public announcement as per Section 15 of the Insolvency &Bankruptcy Code, 2016 may be made. (x) Mr. Giridhari Lal Sharma having Registration No. IBBI/IPA-001/IP-P00391/2017-18/10709 and Email id [email protected] resident of A/1, P.C. Plaza, Bomikhal, Bhubaneshwar-751006, Odisha is appointed as I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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