2019 (9) TMI 1613

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....16 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. Prasad Properties and Investments Private Limited (hereinafter referred to as 'Corporate Debtor',). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. Heard the Counsels for the Financial Creditor, the Corporate Debtor and perused the pleading including the documents placed on file. 3. The Financial Creditor has claimed, an. amount of Rs. 835,93,52,369/- (Rupees Eight Hundred and Thirty Five Crores Ninety Three Lakhs Fifty Two Thousand Three Hundred and Sixty Nine On....

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....ed all its rights, title, interest, estate, claim and demand to the debts to the Financial Creditor viz. Kotak Mahindra Bank. 7. Based on the compromise dated 07.08.2006 entered into between the Borrowers and the Assignor, the Hon'ble High Court of Madras has passed the Consent/Compromise Decree on 26.03.2007 in CS No. 33/1999, CS No. 1023/1998 and CS No. 52/1999. It is also on record that since the Compromise Decree remained unsatisfied, the Financial Creditor after substituting its name, has filed OA No. 46/2008, OA No, 47/2008 and OA No. 48/2008 under Section 31(A) of the RDDB&FI Act, 1993, before DRT-1, Chennai, for issuance of Recovery Certificates in terms of Compromise Decrees in CS No. 33/1999, CS No. 1023/1998 and CS No. 52/....

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....ined. 10. The Financial Creditor has fulfilled all the requirements of law including the name of the Resolution Professional for appointment as the IRP. Hence, the Application stands admitted. The commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 11. Mr. Lingumgunta Venkata Shyam Sundar, 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. He is also directed to cause public announcement as prescribed under Sectio....

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....uch transactions, as notified by. the Central Government. 14. The IRP shall comply with the provisions of Sections 13(2), 15, 17 & 18 of the I&B Code. The Directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19, so that he could discharge his functions under Section 20 of the I&B Code, 2016. It is further directed to adhere to the model timeline as prescribed under the Insolvency Resolution Regulations, 2016. 15. The Financial Creditor and. the Registry are also directed to send the copy of this Order with immediate effect to IRP, so that he could take charge of the Corporate ....