TMI Blog2022 (7) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... undisputed stands admitted and established. Since, it is not the case of corporate debtor that it discharged the said debt, the default also stands established. This Adjudicating Authority admits this Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code - Application admitted - moratorium declared. - CP (IB) No. 223/9/HDB/2021 - - - Dated:- 1-7-2022 - Dr. Venkata Ramakrishna Badrinath Nandula , Member ( J ) And Veera Brahma Rao Arekapudi , Member ( T ) For the Appellant : Sneha Agarwal , Company Secretary For the Respondents : Venkata Rami Reddy , Advocate ORDER 1. This Petition is filed under Section 9 of Insolvency and Bankruptcy Code (hereinafter to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hus, submitting, prayed the Adjudicating Authority to allow the petition. 3. Counter and Memo filed by Corporate Debtor states that:- (i) The Corporate Debtor is partly denying averments stated in the application and submitted that the debt due is only Rs. 1,02,12,250 (Rupees one Crore Two Lakhs Twelve Thousand Two Hundred And fifty only) but not of Rs. 1,05,23,214 (One crore five lakhs Twenty-Three thousand Two Hundred and Fourteen only) as alleged in the application. (ii) The Corporate Debtor is facing lot of financial crises along with huge pressure from other creditors also. Further submitted that the Corporate debtor is in contact with the Operational Creditor for settlement but couldn't not agree on terms of settlemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring moratorium for the purposes referred to in Section 14 of the Code, with following directions: (A) Corporate Debtor, LN Industries India Ltd. is admitted in Corporate Insolvency Resolution Process under section 9 of the Insolvency Bankruptcy Code, 2016, (B) The Bench hereby prohibits 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 of law, Tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, whichever is earlier. (G) That the public announcement of the initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and Bankruptcy Code, 2016. (H) Accordingly, this Tribunal appoints Shri Chinna Gurappa having registration No. IBBI/IPA-003/IP-N00261/2020-2021/13035 Residing at Flat No. E1, plot No. 45, Surya Residency, Siddarth Nagar, Vengal Rao Nagar Post, Near ICICI Bank, Kalyan nagar branch Hyderabad, Telangana, 500038 as IRP. The aforesaid IRP has no disciplinary proceedings pending against him. Proposed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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