2022 (3) TMI 1412

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....Corporate Debtor: Shri Hemanth Rao ORDER Per: Ajazi Ku mar Vatsavalli, Member (Judicial) 1. The present petition is filed, under Section 7 and 12 of the Insolvency and Bankruptcy Code, (hereinafter referred to as 'IBC'/Code) 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, r/w Regulation 40 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of the NCLT, Rules 2016 by Shri Sharanappa Sangappa Alur and 8 others (hereinafter referred to as 'Financial Creditors'/Petitioners No.1 to 9), with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Dnyanyogi Shri Shivkumar Swamiji Sugars Limited (hereinafter referred ....

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....uda Patil 4,51,74,893/- 7. Sadashiv Chikkaraddi 65,00,000/- 8. Shantayya Shivayya Golasangimath 4,11,77,066/ - 9. Narayan rao Vittalrao Kulkarni 95,00,000/- Total 34,73,54,802/- 4. Notice was issued to the Corporate Debtor by the Petitioners through email. In response thereto, a Statement of Objections/Written Submissions has been filed by the Corporate Debtor vide Diary No. 417 dated 02.02.2022, wherein, the Respondent admitted the debt and its liability to pay to the Petitioners, as the Company is not able to function with its complete capacity and it is not able to mobilize funds to pay off its liabilities. 5. On 08.02.2022, this Adjudicating Authority directed the Respondent/Corporate Debtor to ....

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....under Sub-Section (2) is complete and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application." 9. In the present case, the occurrence of default is evidenced by the details furnished by the Petitioners/Financial Creditors including the record of financial information - Form C issued by NeSL in respect of the debt of the Corporate Debtor attached at Page 147-148 of the petition and the Bank Statements of Petitioners/Financial Creditors found at Page 272-292 of the Petition. 10. The other issue for consideration is whether present petition is filed within the limitation. The transaction involving the defaulted amount dates back to 04.01.2020 (Form C) a....

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....or; e) It is further directed that the supply of essential goods or services to the Corporate Debtor as may be specified, shall not be terminated or suspended or interrupted during the moratorium period; f) The provisions of Section 14 (3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a Corporate Debtor; g) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution Process or until this Bench approves the resolution plan under sub-Section (1) of Section 31 or passed an order for liquidation of Corporate Debto....