- (1.) The present Company Petition bearing No. CP (IB) No. 102/10/HDB/2017, is filed by Admiron Life Sciences Private Limited, Corporate Applicant, to initiate a Corporate Insolvency Resolution Process (CIRP) in terms of Section 10 of Insolvency and Bankruptcy Code, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
(2.) Heard Shri Y. Suryanarayana, Learned counsel for the Corporate Applicant and Shri B.S. Prasad along with Shri A.B. Gangareddy and Shri B. Aravind Reddy, Adocates for the Respondents and have carefully perused all pleadings along with material papers and extant provisions of law.
(3.) After considering various documents filed by the Applicant including the bank statements with regard to the various loan facilities extended by the SBI, and the debt in question is not in dispute and the Bank itself has already initiated action under SARFAESI Act. The Resolution Professional proposed is also eligible to be appointed as IRP. The SBI (Financial Creditor) has also given no objection, as per the letter mentioned above, to initiate Corporate Insolvency Resolution Process in the instant case, the Company Petition was admitted on 28.07.2017.;