9911796707
TMI Blog2019 (9) TMI 1577X X X X Extracts X X X X X X X X Extracts X X X X ..... n is filed under Section 9 of Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 2. The brief averments stated in the Petition are that: a. The applicant avers that respondent placed the work order dated 05.12.2002 on the applicant. The applicant duly performed all the obligations under work order and was raising invoices for the money due and payable to it under the work order. However, the respondent in disregard to the agreement out of total ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r preferred a petition under Section 34 of the Arbitration and Conciliation Act, 1996 before the Hon''ble XXIV Additional Chief Judge, City Civil Court Hyderabad to set aside the arbitral award vide O.P. No. 739 of 2014. However, the Hon'ble Court vide order dated 27-01-16 dismissed the petition without costs. A copy of the order is annexed as Annexure - D. In view of the above, the award passed by the arbitral tribunal still persists and the corporate debtor is liable to pay a sum of Rs. 65,18,000/- along with an interest of 24% per annum computable from the date of the Claim Statement till the date of actual payment. f. The applicant has sent demand notice dated 06.11.2013 to the corporate debtor with regard to the payment due purs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l creditor filed Form-5 and furnished the information with regard to the operational debt which is committed default by corporate debtor. 5. The notice was served on the corporate debtor. Postal track record is filed through Memo. Learned counsel contended that corporate debtor has not replied or failed to defend. The claim is submitted within period of time prescribed under Limitation Act, 1963. Thus, the claim is within limitation. There is no representation or reply by the Corporate Debtor. Corporate debtor was served with notice before admission however, corporate debtor remained absent and it did not contest the claim. 6. In view of the above we are of the considered view that the operational creditor has been able to estab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code, with following directions: - (1) The Bench hereby prohibits 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; Transferring , encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of Rs. 2,00,000/- (Two Lakhs Only) to the interim resolution professional to meet out the expenses to perform the functions assigned to him in accordance with regulation 6 of IBBI (Insolvency Resolution Process for Corporate Person) Regulations, 2016. This Shall, however, be subject to adjustment by the committee of creditors as accounted for by interim resolution professional and shall be paid back to the petitioner. (6) That the order of moratorium shall have effect from 16.09.2019 till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier. (7 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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