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Judgment
ORDER
Respondent set ex-parte. We perused the application. The same is found to be in order. There is prima-facie default by the Personal Guarantor. Hence, we appoint Mr. Vakiti Vineeth Reddy, Registration Number of IP: IBBI/IPA-002/IP-N01250/2022-2023/14240 E-mail ID: vineethreddy.vakiti@gmail.com , Mobile No: 9550046000, as Resolution Professional. The Resolution Professional shall file his report under Section 99 of the IBC within 10 days from the date of his appointment.
The Petitioner is directed to serve a copy of this Order along with the application on the Resolution Professional and file proof of the same in the Registry.
It is declared that the Interim moratorium in terms of Section 96 of I&B Code, 2016 comes into operation as soon as the application under Section 94 or 95 is filed.
During the interim-moratorium period:
any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed; and
ii) the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt.
The Petitioner shall pay a sum of Rs.50,000/- (Rupees Fifty Thousand only) to the Resolution Professional to meet the expenses for performing the functions assigned to him. The same shall be adjusted by the CoC as accounted for by the Resolution Professional and shall be paid back to the Petitioner.
Post on 26.07.2023.