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Judgment
Learned Counsel Shri. Amir Bavani for the petitioner appeared physically. The learned counsel is directed to issue notice to the personal guarantors within a week and file affidavit of service before the next date of hearing.
Interim moratorium commences from the date of filing of the petition under Section 96(1) (a) of the I&B Code, 2016. Legal actions are governed under Section 96(1) (b) of the Code, 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 proceedings 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.
Shri. Kanchinadham Ravi Kumar having Registration No. IBBI/IPA- 003/IP-N00252/2020-2021/13043 is hereby appointed as the Interim Resolution Professional (IRP). The IRP is directed to file his interim-report within 10 days as per the Section 99 of the Code. He is directed to serve the same to both the parties before next date of hearing.
Petitioner is directed to pay sum of Rs. 50,000/- towards the expenses incurred by the IRP.
Matter stands adjourned to 07.01.2022.