Rajeswara Rao Vittanala, Member - (1.) The Financial Creditor has filed this present Petition under Section 7 of IBC for initiating Corporate Insolvency Resolution Process against Mack Soft Tech Pvt. Ltd. The case was first listed on 07-07-2017 and both the Counsels appeared. Learned Counsel for the Respondent requesting time to file, their objections/reply if any well before the next date of hearing and Counsel for the Respondent should also submit his Vakalat and the case is posted 12-09-2017. On 11-07-2017 heard both the Counsels. The Learned Counsel for the Respondent filed objection to the Petition and Learned Counsel for the Petitioner requested time to file a Rejoinder and the case was posted on 21-07-2017. The case was heard at length from both the parties on 21-07-2017 and the Learned Counsel for the Respondent requested time to produce legal opinion obtained in this case and the case is posted on 01-08-2017.On 01-08-2017 heard both the sides and parties were directed to submit their written submission within a week and orders reserved. Submissions of the Petitioner / Financial Creditor:
(2.) The Company Petition (IB) No.97/7/HDB/2017 has been filed by the Financial Creditor viz Quinn Logistics India Private Limited (Petitioner/Financial Creditor) , against Mack Soft Tech Private Limited (Respondent/Corporate Debtor) , under Section 7 of Insolvency and Bankruptcy Code 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, inter alia seeking the following prayers: a) For admission of the present petition and to initiate Corporate Insolvency Resolution Process in respect of the Corporate Debtor under the Insolvency and Bankruptcy Code 2016; b) To Appoint Mr. Sundaresh Bhat having Registration NO.IBBI/IPA-001/IOP-P00077/2017-18-10162, as the Insolvency Resolution Professional (IRP) in respect of the Corporate Debtor under Section 16 of the IBC 2016; and c) To Declare a moratorium in respect of all actions set forth in Section 14 of the Insolvency and Bankruptcy Code, 2016 etc
(3.) Quinn Logistics India Private Limited, the Financial Creditor, advanced an Inter-Corporate Loan to Mack Soft Tech Private Limited, the Corporate Debtor, which has defaulted in repayment of the outstanding loan amount.;