2019 (4) TMI 1605

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....r. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process for the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional. The Application is supported by the special resolution passed by the shareholders of the Applicant/Corporate Debtor which is placed at page 3 of the additional typed set filed with the Application. 2. Heard the Counsels for the Corporate Debtor, the Financial Creditor viz., Indian Overseas Bank and perused the record placed on the case filed. 3. The outstanding debt owed by the Applicant/Corporate Debtor to the Financial Creditors is mentioned in Para-3 of Part-III of the Application as Rs. 1,42,37,534/-. 4. The brief facts of the case are that th....

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....f documents filed with the Application wherein the Bank has shown overdue amounts in the loan accounts of the Corporate Debtor as Rs.l,03,65,706.67p and Rs. 2,79,973.61p. In the said letter, it has been clearly brought out that there is no operation in Cash Credit accounts by the Applicant/Corporate Debtor since June, 2018. 8. There is other evidence of pendency of the Civil Suit against the Applicant/Corporate Debtor for recovery of the debt by other creditors. Copy of the Suit filed under OS No.299/2018 is placed at pages 5 to 23 of the additional typed set of document filed with the Application. 9. One of the Financial Creditors viz., Indian Overseas Bank has raised objections to the admission of the Application on various grounds by f....

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....days, reckoning from the day this order is passed. 12. Mr. Mathur Sabhapathy Viswanathan, is appointed as IRP. There are no disciplinary proceedings pending against him. The IRP is directed to take charge of the Corporate Debtor's assets and management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. The moratorium is hereby declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I&B Code, 2016. It is hereby ordered to prohibit a....