2019 (1) TMI 1709

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.... 3 others (in short the Petitioners/OperationaI Creditors) against Ws. Walnut Packaging Private Limited (in short Respondent/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 Petitioners are all individuals and they are the joint owners of the property lent on rent to the Corporate Debtor, a Company registered under the Companies Act, 1956 and having its registered Office at A-49/1, IDA, Kukatpally, Gandhi Nagar Extension, Hyderabad - 500 037. 4. The learned counsel for the Petitioner, submitted that the property lent on rent to the Corporate Debtor was owned jointly by the Petitioners and originally the Corp....

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.... Corporate debtor. The Corporate Debtor replied to the said demand notice with untenable facts. The learned counsel for the Petitioners submitted that the Corporate Debtor is unable to pay its debts, therefore, he prayed that the Corporate Insolvency Resolution Process be initiated against the Corporate Debtor. 5. The Corporate Debtor filed counter. The learned counsel for the Corporate Debtor submitted that the Corporate Debtor has paid the rent till December 2017 and no amount is due to the Petitioner. He also submitted that due to the slowdown in the operations of the Corporate Debtor during the period from April 2012 to July 2012 and taking into consideration the said problem, the Petitioner agreed a moratorium for a period of 6 year....

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.... made out a fit case for ordering the commencement of the insolvency Resolution process against the Respondent/Corporate Debtor. 10. Therefore, the instant petition is admitted and this Adjudicating Authority order the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day of this order is passed. 11. The Petitioner has not proposed name of any Insolvency Resolution Professional and prayed this Tribunal to appoint. This Adjudicating Authority appoints Shri. Dhanamjaya Reddy Lebaka (IBBl/IPA-002/lP- N00431/2017-2018/11386) as Interim Resolution Professional (IRP) whose name is also reflected in the panel drawn by IBBI. 12. The Registry is directed to c....