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TMI Blog2019 (9) TMI 1656X X X X Extracts X X X X X X X X Extracts X X X X ..... er referred to as IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. Neerajakshi Iron and Steel Private Limited (hereinafter referred to as 'Corporate Debtor'). 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition. 3. The Petitioner/ Financial Creditor, is a Public Sector Bank incorporated under the Banking Companies (Acquisition ad Transfer of Undertakings) Act, 1980, having its Regd. Office at Post Box No.88, Mangladevi Temple Road, Manglaore, Karnataka State - 575 001, and branches all over the country and one such Branch is located at Hyderabad. The Respondent/ Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion cum Third Party 7. It is stated that the Guarantors executed Guarantee deed dated 09.05.2011 in favour of Consortium Bank promising to repay Rs.1475.00 Lakhs apart from interest and costs to Consortium Banks in case of default in repayment of the same by Corporate Debtor. 8. It is stated that with intent to secure for repayment of the money that was due or may due from time to time or at any time from Corporate Debtor to the Consortium Banks, the Corporate Debtor deposited with the Consortium Banks Regd. Document No. 1358 of 2007, 1355 of 2007, 1444 of 2007, 1356 of 2007, 1373 of 2007, 1321 of 2007, 1416 of 2007, 1366 of 2007, 1374 of 2007, 1357 of 2007, 1367 of 2007 and 2385 of 2009 relating to properties fully described in the sch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account as Non-Performing Asset (NPA) as per the prudential norms prescribed by the Reserve Bank of India. It is submitted that in order to recover the moneys advanced to the Corporate Debtor, the Financial Creditor has filed O.A No. 1331/2016 before the Hon'ble Debt Recovery Tribunal and the same was allowed on 12.10.2018. 14. It is further stated that the Financial Creditor issued notice of default to the Corporate Debtor dated 25.03.2019. The Corporate Debtor evaded to receive the said notice and got it returned with endorsement 'left'. 15. The matter was posted for hearing on various dates viz., 11.06.2019, 01.07.2019, 18.07.2019, 08.08.2019, & 26.08.2019 but the Corporate Debtor failed to appear. Before proceeding with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Petitioner. The Petitioner has also placed on record proof of sending notices and paper publication. The Petitioner has complied with all the requirements as stipulated under the provisions of the IB Code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. In these circumstances, this Adjudicating Authority is inclined to admit the instant petition. 20. The instant petition is admitted and this Adjudicating Authority order the commencement of the Corporate Insolvency Resolution Process which shall be completed in accordance with the time lines prescribed in section 12 of the 1B Code, 2016, reckoning from the day this order is passed. 21. This Adjudicating Authority hereby Appoint Mr. Sridhar Venkatraya Sund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. 23. However, the supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provision of Sub-section (1) of Section 14 shall also not apply to such transactions, as notified by the Central Government. 24. The IRP shall comply with the provisions of Sections 13 (2), 15, 17, & 18 of the Code. The directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor is expected to extend all assistance and cooperation to the IRP as stipulated under Section 19 and for discharging his function under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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