TMI Blog2022 (5) TMI 870X X X X Extracts X X X X X X X X Extracts X X X X ..... ging the debt. Hence, since there is acknowledgement of debt in clear terms and also default, there need not be any further discussion and demur to allow the Application. Petition admitted - moratorium declared. - CP (IB) No. 37/7/AMR/2022 - - - Dated:- 26-4-2022 - Telaprolu Rajani, J. (Member (J)) For the Appellant : P. Vikram, Advocate For the Respondents : Naveeni Jain, Advocate ORDER Telaprolu Rajani, J. (Member (J)) 1. This Company Petition is filed by M/s. Pridhvi Asset Reconstruction and Securitisation Company Limited ( hereinafter referred to as Financial Creditor ) seeking for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Andhra Cements Limited ( hereinafter referred to as Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.12 Crore per month. It is further submitted that due to inadequate working capital facility, the Corporate Debtor has not been able to operate the plant at about 60% capacity utilization and is in requirement of working capital. It is stated that only for the reasons mentioned therein the Corporate Debtor Company had requested the Financial Creditor for additional support, to recommence the operations of cement plants by providing working capital assistance and that the Corporate Debtor all along cooperated with the lenders for undertaking Expression of Interest (EoI) process as well as Assignment process. It is submitted that the Corporate Debtor Company has not willfully defaulted the amounts. 4. Hence, from the contents of the count ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #39;s management forthwith and take necessary steps in furtherance of the CIRP in terms of Sections 13(2), 15, 17, 18 and 20 of Code and Rules made thereunder. iii. Moratorium in respect of the Corporate Debtor is hereby declared in terms of Section 14 of the Code. iv. The Directors, Promoters or any other person(s) associated with the management of Corporate Debtor shall extend all assistance and cooperation to the IRP as stipulated under section 19 of the Code for effectively discharging his functions under the Code. v. The Registry shall communicate the order to the Financial Creditor and the Corporate Debtor forthwith. vi. The Financial Creditor and the Registry shall send the copy of this order to IRP for necessary ..... X X X X Extracts X X X X X X X X Extracts X X X X
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