TMI Blog2022 (2) TMI 564X X X X Extracts X X X X X X X X Extracts X X X X ..... is declared in terms of Section 14 of the Code - Petition admitted - moratorium declared. - C. P. (IB) No. 32/BB/2021 - - - Dated:- 1-2-2022 - Ajay Kumar Vatsavayi, Member (J) And Manoj Kumar Dubey, Member (T) For the Appellant : Rahul Aggarwal For the Respondents : Chandrashekhar Patil ORDER Ajay Kumar Vatsavayi, Member (J) 1. The present Petition is filed, under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'IBC/Code') by Shri Putta Kempanna (hereinafter referred to as 'Petitioner/Financial Creditor') to initiate the Corporate Insolvency Resolution Process ('CIRP') against M/s. Welworth Software Private Limited (hereinafter referred to as 'Respondent/Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the records carefully. 6. In the present case, the occurrence of default is evidenced by the details furnished by the Petitioner. 7. The Petition filed in the prescribed Form No. 1 is found to be complete. 8. In the given facts and circumstances, the present Petition being complete and having established the default in payment of the Financial Debt for the default amount is being above ₹ 1,00,000/-, the Petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequences of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry: (a) The institution of suits or conti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 33 as the case may be; 9. In Part-III of Form No. 1, Mr. Srinivas Thatikonda, Registration No. IBBI/IPA-002/IP-N00631/2018-19/11886 has been proposed as Interim Resolution Professional (IRP). Form No. 2 dated 05.02.2021 along with the certificate of registration issued by the Insolvency and Bankruptcy Board of India are found at Page Nos. 29-32 of the Petition. The Law Research Associate of this Tribunal has checked the credentials of Mr. Srinivas Thatikonda and there is nothing adverse against him. In view of the above, we appoint Mr. Srinivas Thatikonda, bearing Registration No. IBBI/IPA-002/IP-N00631/2018-19/11886, registered address at Flat No. 006, Nanda Ashirwad Apartments No. 1, Canara Bank Colony, 2nd Main, Chandra Layou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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