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Judgment
ORDER
Mr.G.Sanjeeva Reddy, Counsel for the FC present. Mr.Ch.Srinivasulu, Counsel appearing for the Personal Guarantor seeks time to file counter. But at this stage, such right is not provided for under the Code.
This is a Company Petition filed under Section 95 of Insolvency and Bankruptcy Code, 2016 (IBC) by the Financial Creditor. Heard submissions made by the Counsel for the Financial Creditor and perused the Company Petition. Financial Creditor has proposed the name of Mr.Golla Ramakantha Rao, having Registration No.IBBI/IPA-003/IP-N00310/2020-2021/13364 as Resolution Professional (RP). Accordingly, Mr.Golla Ramakantha Rao is hereby appointed as RP in this matter. The RP is directed to submit his report under Section 99 of IBC within 10 days.
Interim moratorium commences from the date of filing of the Petition under Section 96 (1) (a) of I&B Code, 2016. Legal actions are governed under Section 96 (1) (b) of IBC, which reads as under:-
"Section 96 (1): When an application is filed under section 94 or section 95—
(b)during the interim-moratorium period—
i.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".
Petitioner/FC is directed to issue notice to the Respondent and file proof of the same by way of an Affidavit.
Hence, for filing report of the RP, list the matter on 03.05.2023.