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Judgment
Learned Counsel for the petitioner appeared through video conference.
Petitioner has proposed Mr. M. Madhushudhana Reddy, bearing Registration No: IBBI/IPA-001/IP-P00843/2017-18/11427 to act as Resolution Professional. We hereby appoint Mr. M. Madhushudhana Reddy to act as Resolution professional in the instant matter as his name appears on the current database of IBBI. He has to file report within 10 days from the date of this order.
Meanwhile interim moratorium shall come into force from the date of Application in terms of Section 96 of IB Code, 2016 as under:-
any legal action or proceeding pending in respect of any debt shall deemed to have been stayed and;
the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt.
Petitioner is directed to pay sum of Rs.50,000/- towards the expenses incurred by RP, which shall be ratified later on by CoC.
We direct the petitioner to serve notice to the Respondent by way of speed post and e-mail and file proof of same by way of affidavit within two weeks.
We further direct Petitioner to serve copy of this order along with copy of the Application to the RP so appointed and file affidavit within two weeks.
Matter stands adjourned to 25.11.2021.