2021 (5) TMI 939

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....the respondent/SVSVS Projects Private Limited. 2. The Financial Creditor/Bank of Maharashtra has its Head Office at Lokmangal, 1501, Shivajinagar, Pune - 411005 and it has Zonal Office at the address mentioned in the cause title. 3. The respondent/Corporate Debtor is incorporated under the Companies Act, 1956 as SVSVS Projects Private Limited, vide Certificate of Incorporation dated 31.03.2005, issued by the Registrar of Companies, Hyderabad, having registered office as mentioned in Column 5, Part-II of the application. The main objects of the respondent/CD are described in the Memorandum of Association (page 22 of the petition). 4. The present application is filed by the Financial Creditor against the respondent/Corporate Debtor f....

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....taken symbolic possession of properties on 07.06.2019 and 20.06.2019. The same were published in newspaper on 09.06.2019 and 25.06.2019 respectively. Some of the properties of the CD were put to e-auction scheduled on 25.02.2020. However, the CD had preferred a writ petition before the Hon'ble High Court of Telangana, which is sub-judice. Whereas, the FC has filed OA No. 164 of 2020 on 16.03.2020 before the Debt Recovery Tribunal, Hyderabad, which is pending decision. 9. When the petition was listed on 25.01.2021 the Tribunal has issued notice returnable on 16.02.2021. On 16.02.2021, another notice was issued. On 15.03.2021, finding no representation on behalf of the respondent, the respondent was set ex-parte. On 22.03.2021, Shri Go....

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....7.06.2019 and 20.06.2019. 12. We are conscious of the fact that both the parties have preferred proceedings before different forums. The respondent/had preferred a writ petition before the Hon'ble High Court of Telangana. The petitioner/FC has preferred OA No. 164 of 2020 on 16.03.2020 before the Debt Recovery Tribunal, Hyderabad. Both the above proceedings are pending decision. However, that would not deter the Adjudicating Authority from admitting the petition as long as debt and default is proved. ORDER: 13. Hence, the Adjudicating Authority admits this Petition under Section 7 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions:- (A) The Bench hereby ....