TMI Blog2018 (1) TMI 1696X X X X Extracts X X X X X X X X Extracts X X X X ..... dia s willful defaulter s list annexed with the application as Annexure 77 - Corporate debtor has not raised any objection regarding default amount i.e. Rs.975,27,33,040.53. In spite of recalling the loan, the corporate debtor has failed to make payment and thereby committed default. Petitioner has filed this application in the proper format as prescribed in I B Code and Adjudicating Authority Rules which is complete. The petition filed by the financial creditor under Sec.7 of the Insolvency Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process and declare a moratorium and public announcement as stated in Sec.13 of the IBC, 2016. - CP (IB) No.593/KB/2017 - - - Dated:- 5-1-2018 - V. P. Singh, Me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of State Bank of India who has been authorised to submit this petition on behalf of the applicant bank vide Gazette Notification dated 27/3/1987 read with Regulation 77 of the State Bank of India General Regulations Rules, 1955 and the letter of authorisation dated 24/10/2017 annexed with the petition and collectively marked as Annexure 2 and 3. 3. The Corporate Debtor Coastal Projects Ltd., Identification No. is CIN U452030R1995PLC003982. The name and registration number of the proposed interim resolution professional is Mr Ravi Sankar Devarakonda; Registration No. is IBBI/IPA-O01/IP-P00095/2017-2018/10195 of D 602, Prestige St. Johnswood Apartment, No.80, Tavarakere Main Road, Bangalore - 560 029, email address ravicacscma@icai. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al agreement of hypothecation of goods and assets for increase in the overall limit dated 25/2/2010, dated 13/10/2011, dated 5/12/2012, dated 13/10/2011, dated 23/1/2013, 22/3/2013, dated 16/10/2007, dated 6/10/2008, dated 11/11/2009 and dated 4/5/2013 annexed respectively as Annexure 28 to 37. 8. To prove its case the applicant/financial creditor has filed a copy of the statement of accounts certified under Bankers Book of Evidence Act annexed with the application as Annexure 74. 9. The applicant has filed a report from the CRILC dated 23/10/2017 annexed with the application as Annexure 75. 10. The applicant has also filed Annual Report for the financial year 2016- 17 of the corporate debtor where under the default in payment by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpetent to work as IRP. No disciplinary proceeding is pending against him. Therefore, an application filed by the Financial creditor under Sec 7 of I B Code deserves to be allowed. ORDER The petition filed by the financial creditor under Sec.7 of the Insolvency Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process and declare a moratorium and public announcement as stated in Sec.13 of the IBC, 2016. The moratorium is declared for the purposes referred to in Sec .14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec.15. The public announcement referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Sec.31 or passes an order for liquidation of corporate debtor under Sec.33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. Necessary public announcement as per Sec.15 of the IBC, 2016 may be made. Mr. Ravi Sankar Devarakonda, Registration No. IBBI/IPA-0011/IP- P00095/2017-2018/10195 of D 602, Prestige St. Johnswood Apartment, No.80, Tavarakere Main Road, Bangalore - 560 029, email address ravicacscma@icai.org is appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a meeting of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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