2022 (10) TMI 201

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....seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Jaatvedas Construction Co. Pvt. Ltd. (hereinafter called "Corporate Debtor") alleging that the Corporate Debtor committed default in making payment to the Operational Creditor. This Petition has been filed by invoking the provisions of Section 9 Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present Petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of Principal sum of Rs.3,62,49,478/- (Rupees Three Crores Sixty- Two Lakhs Forty-Nine Thousand Four Hundred Seventy- Eight Only)....

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....Debtor filed a Reply to this Petition dated 29th July 2022 stating that their business fell victim to bad business environment faced by the industry as a result of which heavy losses were borne by the Corporate Debtor especially during the pandemic. Consequently, the Corporate Debtor expressly admits their default in meeting their payment obligations and state that they are unable to meet their commitment at present. FINDINGS 6. We have heard the submissions of the Counsel appearing for the Operational Creditor and Counsel appearing for the Corporate Debtor. It is evident from the Ledger records annexed to this Petition that an aggregate operational debt of Rs. 4,05,44,443/- exists and remains unpaid till date. It is noted that there ....

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....owards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securiti....