2022 (3) TMI 1261

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....orporate Debtor committed default in making payment of Rs. 26,80,31,333/- which includes interest @ 18% per annum, towards unpaid revenue shares arising out of the registered transactions of 140 sale deeds. Hence petition under Section 9 of Insolvency and Bankruptcy Code, 2016 (referred to as "Code") read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking admission of the Petition, initiation of Corporate Insolvency' Resolution Process (CIRP), granting moratorium and appointment of Insolvency Resolution Professional (IRP) as prescribed under the Code and Rules thereon. 2. The facts briefly are as follows; i. The learned Counsel for the Operational Creditor submits that th....

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....Revenue Sharing Agreement that "shall be made by the 21st of every month on the basis of actual advance sales collection in the previous month. In case of delay in payment the Company shall pay interest @ 18% from the delay period." The Operational Creditor worked tirelessly for the Corporate Debtor and he successfully completed his 4 years tenure as the Executive Director as per the terms in the Executive Director Agreement. iii. The revenue share of the Operational Creditor is payable to him from out of the advances received by the Corporate Debtor pursuant to the sale of residential units, the Operational Creditor started tracking the transactions being made by the Corporate Debtor in respect of residential units sale in the Pro....

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....ppear and contest the case and prove the contentions made in the reply notice. Whereas, by virtue of the documents filed by the Operational Creditor his case stand proved prima facie. Since his case is non-controverted, it has to be accepted as true. 4. I am of the considered view that it is a fit case to admit and order initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Operational Creditor did not suggest any name as Insolvency Resolution Professional (IRP) and sought the Tribunal to appoint an IRP. Hence, Mr. Immaneni Eswara Rao, (Registration No. IBBI/IPA-001/IP-P01224/2018-2019/11943) as Insolvency Resolution Professional (IRP). ORDER The Company Petition is admitted. The Corporate I....