9911796707
TMI Blog2022 (3) TMI 597X X X X Extracts X X X X X X X X Extracts X X X X ..... eeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Ananya Infra Projects Private Limited under the Insolvency and Bankruptcy Code, 2016. 2. Brief facts of the case as submitted by the Operational Creditor are as follows: a) That the Corporate Debtor has approached the Operational Creditor with a request to supply TMT Bars and Cement. After due deliberations and negotiations, the Operational Creditor agreed to supply the TMT Bars and Cement as required by the Corporate Debtor. Accordingly, the Operational Creditor supplied TMT Bars and Cement from time to time at the designated site as per the Instructions/Purchase Orders issued by the Corporate Debtor. That various invoices were raised by the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not choose to pay the admitted due amount even after taking sufficient time. f) Reiterating the above, learned counsel for the Operational Creditor prayed to admit the instant Application. 3. It is seen from the record that during the initial phase of the instant proceedings, the Respondent was represented by his counsel Mrs. Sharada Rani. K on 23.09.2021, when time was granted for filing counter and matter was adjourned to 12.11.2021. However, during the hearing held on 12.11.2021, a representative of the Corporate Debtor appeared in person and sought time stating that the Counsel for the Corporate Debtor was unavailable due to personal inconvenience. Again, during the hearing held on 07.12.2021, on a request by the Corporate Debtor, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equired under the provisions of the IB Code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. In these circumstances, having satisfied with the submissions made by the Petitioner/Operational Creditor, this Adjudicating Authority is inclined to admit the instant Application. 7. Accordingly, the instant application is hereby admitted and this Adjudicating Authority orders commencement of the Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor herein, which shall ordinarily be completed within the timelines stipulated in the IB Code, 2016 (as amended), reckoning from the day of this order. 8. It is seen from the record that one Mr. Madasa Kumar, Insolvency Professional, has filed his w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pletion of CIRP in terms of Section 14 of the IB Code, 2016. It is hereby ordered to prohibit all of the following namely:-- a. 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 or law, tribunal arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal rights or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsultation with any financial sector regulator or any other authority. 14. The IRP shall comply with the provisions of Sections 13(2), 15, 17 & 18 of the Code. The Directors, Promoters or any other person associated with the management of Corporate Debtor are directed to extend all assistance and co-operation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the I&B Code, 2016. 15. The Petitioner/Operational Creditor as well as the Registry is directed to send the copy of this Order to IRP so that he could take charge of the Corporate Debtor's assets etc. and make compliance with this Order as per the provisions of I&B Code, 2016. 16. The Registry is directed to communicate this Order to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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