- (1.) The present Company Petition bearing CP(IB) No.150/9/HDB/2017 is filed by Rohan Varma Constructions Private Limited (Petitioner / Operational Creditor) against Ind-Bharat Power (Madras) Limited (Respondent / Corporate Debtor) , seeking directions to initiate Corporate Insolvency Resolution Process (CIRP) ) in terms of Section 9 of Insolvency and Bankruptcy Code, read with Rule 6 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. The case was listed for the first time before the Adjudicating Authority on 14.08.2017.
(2.) Brief details of the case are as follows:- (1) The Corporate Debtor owes an amount of Rs.1,81,08,219/- (Rupees one crore eighty one lakhs eight thousand two hundred and nineteen only) in respect of various works orders executed in favour of the Corporate Debtor for the financial years 2011-2012 to 2015-2016. As per the details furnished by the Petitioner / Operational Creditor, the debt fell due on 31 March 2017. The Operational Creditor has also submitted letter/certificate dated 04.08.2017 from the Axis Bank certifying that no money was received from the Respondent/ Corporate Debtor during the period from 25.04.2017 to till date. (2) The Operational Creditor has also served demand notice on 23.06.2017 but no reply was received from the Corporate Debtor so far. (3) Mr. P. Vikram, Learned Counsel for the Corporate Debtor during the hearing on 14.08.2017 requested atleast 6 months to one year to clear the outstanding dues. Mr. Sharad Sanghi, Learned Counsel for the Operational Creditor did not accept the proposal since the issue is pending from March, 2016 and also the Corporate Debtor by letter dated 25.04.2017, acknowledged the outstanding amount due to the Operational Creditor. (4) The Petitioner / Operational Creditor also recommended the name of Mr. Kranthi Kumar Kedari to act as Interim Resolution Professional and requested for moratorium under section 14(1) of the Insolvency and Bankruptcy Code, 2016, submitted also Form No.2
(3.) Heard Shri Sharad Sanghi, Learned Counsel for the. Petitioner / Operational Creditor and Shri P. Vikram, Learned Counsel for the Respondent/ Corporate Debtor. We are satisfied there is no disciplinary proceedings pending against the proposed IRP. In the result the Company Petition bearing CP (IB) No. 150/9/HDB/2017 is admitted by exercising the powers under section 9 of IBC 2016.;