In the matter of Terra Energy Limited IBA-446-2019
Case brief
What is this about?
The Tribunal admitted an insolvency application under Section 9 for disregard of a repayment undertaking, initiating CIRP. It appointed an Interim Resolution Professional and enforced the moratorium under Section 14, while directing payment of fees to the professional.
What did the court decide?
Admitted the application; initiated CIRP; appointed Mr. Sanjeev C as Interim Resolution Professional; enforced Section 14 moratorium.
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NATIONAL COMFANY LAW TRIBUNAL DIVISION BENCH -I @ CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING OF CHENNAI BENCH, CHENNAI _ !1 _ ~~~!~~~~=~~~~~~=-_~~ ~
PRESENT: SHRI R VARADHARAJAN,MEMBER-JUDICIAL SHRI. ANIL KUMAR B, MEMBER - TECHNICAL
,",." I APPLICATION NUMBER PETITION NliMBER : IBAl446/2019 NAME OF THE PETITIONER(S) : UNITECH SALES AGENCY NAME OF TBE,RESPONDENTS : TERRA ENERGY LTD UNDER SECTION : 9 RULE 6 OF IBC ---------------------------------------------------------------------------------------------------------------------------------- S.No. NAME (IN CAPITAL) DESIGNATION SIGNATURE
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IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH - I, CHENNAI
IBA/446 12019 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 6 of the Insolvency and Bankruptcy (Application to 'Amudicating Authority) Rules, 2016
In the matter of Mis. Terra Energy Limited
MIs. UNITED SALES AGENCY, Nelson Plaza, 2nd Floor, No.90/149. Nelson Manickam Road, Choolaimedu, Chennai - 600 094
Issues for consideration
3 issues framed by the court
Whether the insolvency application under Section 9 of the IBC should be admitted in view of the default on the payment undertaking.
Whether a moratorium under Section 14 of the IBC shall operate upon admission of the application.
Whether an Interim Resolution Professional needs to be appointed for the Corporate Insolvency Resolution Process.
Parties & counsel
- applicant
UNITECH SALES AGENCY
- respondent
TERRA ENERGY LTD
Coram
R. VARADHARAJAN
Case details
As recorded by the court registry
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