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Judgment
O R D E R
A memo along with the judgement dated 20.04.2026 of the Hon’ble NCLAT has been filed. The Hon’ble NCLAT has set aside the order dated 22.05.2023 of this Authority, vide which the Petition under Section 7 of IBC was dismissed on the ground of limitation. In view of the admission of the Petition by the Hon’ble NCLAT, Section 14 in Insolvency and Bankruptcy Code, 2016 is deemed to have come into operation.
Accordingly, Mr. Chaitanya Kiran Immaneni, having IBBI Registration No. IBBI/IPA-002/IP-NO1257/2023-2024/14280. (validity upto 30.06.2027), Phone No: 9951789558. and email id: cimmaneni@outlook.com, is hereby appointed as Interim Resolution Professional in this matter. Proposed IRP has filed Form-2 dated 19.06.2026 at Annexure A-2 of the memo dated 25.06.2026. His Authorisation for Assignment (AFA) is valid up to 30.06.2027 as per IBBI website. Thus, there is compliance of Regulation 7A of IBBI (Insolvency Professionals) Regulations, 2016, as amended.
It is hereby prohibited 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 any 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 or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor;
That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period.
Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period.
That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.
That order of moratorium shall have effect from the date of admitting the Corporate Debtor into CIRP till completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier.
That public announcement of initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and Bankruptcy Code, 2016.
Registry of this Tribunal is directed to send a copy of this order to the Registrar of Companies, Hyderabad for marking appropriate remarks against the Corporate Debtor on website of Ministry of Corporate Affairs as being under CIRP.
The Registry is directed to furnish free copy to the parties as per Rule 50 of the NCLT Rules, 2016.
The memo is taken on record and may be tagged with the main petition.