TMI Blog2021 (11) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial Creditor successfully proved the existence of the debt and default and the debt is also within limitation. The petitioner has also suggested the name of proposed Interim Resolution Professional in part-3 of the Petition along with his consent letter in Form-2. Thus, the present Company Petition satisfies all the necessary requirements for admission. This tribunal is of the considered opinion that the above company petition is liable to be admitted - petition admitted - moratorium declared. - C. P. No. 3691/IBC/MB/2019 - - - Dated:- 6-10-2021 - Hari Venkata Subba Rao, Member (J) And Chandra Bhan Singh, Member (T) For the Appellant : Pragra Navandar, Advocate For the Respondents : Swapnil Balaji, Advocate ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor ) by invoking the provisions of Section 7 Insolvency and bankruptcy code (hereinafter called Code ) read with Rule 4 of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Bench further notes that the matter was listed on various occasions namely 23.10.2019, 19.11.2019, 16.12.2019, 03.02.2020, 27.02.2020, 03.02.2021, 10.03.2021, 05.07.2021, 27.07.2021 and 10.08.2021. The Bench further notes that on 27.02.2020, Mr. Swapnil Balajewale, counsel for the corporate debtor was present and fairly accepts the claims in the petition and seeks time to settle the matter amicably with the Financial Creditor. Further, Ample opportunity was given to the Corporate Debtor to file its reply. The Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es all the necessary requirements for admission. 6. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the above Company Petition is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -3691(MB)/2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Poets Lovers and Lunatics Motion Pictures Private Limited. b. This Bench hereby appoints Pramod N. Mulgund ([email protected]), Insolvency Professional, Registration No: IBBI/IPA-001/IP-P01374/2018-2019/12156 having registered office at: A-303, Birchwood Tower, Main Street, Behind Haiko Mall, Hiranan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Central Government in consultation with any financial sector regulator. g. That the order of moratorium shall have effect from the date of pronouncement of this order 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, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the corporate debtor shall provide a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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