2019 (7) TMI 1612

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.... the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. Karismaa Foundations P. Ltd. (hereinafter referred to as "corporate debtor". The prayer made is to admit the application, to initiate the corporate insolvency resolution process (CIRP) against the corporate debtor, declare moratorium and appoint interim resolution professional (IRP). 2. Heard counsels for the financial creditor, corporate debtor and perused the pleadings including the documents placed on file. 3. The financial creditor has claimed an amount of Rs. 1,66,20,715 as outstanding against the corporate debtor as on May 29, 2018. 4. The brief facts of the case are that a construction agreement dated November 10, 2014 was entered....

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....0, 2016 at 15 per cent. per annum which reflects from confirmation of account dated July 6, 2016 which is placed at pages to 30 to 32 of the typed set filed with the application. The detail of the principal amount and interest is placed at page 33 of the typed set filed with the application. 6. It is also placed on record that for payment of the balance loan amount, the corporate debtor had given one cheque dated June 30, 2015 drawn on the State Bank of Travancore, for an amount of Rs. 1.35 crores to the financial creditor, but the same was dishonoured with an endorsement "exceeds arrangement" on presentation, copies of the same are placed at pages 5 and 6 of the typed set filed with the application. 7. Thereafter, on October 1, 2015 ....

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....ted within 180 days, reckoning from the day this order is passed. 10. Ms. Subramaniam Aneetha, is hereby appointed as IRP as has been proposed by the financial creditor. There is no disciplinary proceeding pending against the IRP as reflects from Form 2. The IRP is directed to take charge of the respondent-corporate debtor's management immediately. She is also directed to cause public announcement as prescribed under section 15 of the I and 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. 11. The moratorium is hereby declared which shall have effect from the date of this order till the completion of corporate insolvency resolution proce....