The Tribunal appointed a Resolution Professional for Khaitan Electricals Ltd. under Section 95 of the IBC, declared the applicability of the interim moratorium, and ordered the petitioner to pay fees for the professional's services.
Appointment of Resolution Professional; direction to pay Rs. 50,000; declaration of interim moratorium.
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SL. No.23
NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH COURT HALL NO: II
CORAM: JUSTICE TELAPROLU RAJANI – HON’BLE MEMBER (J) CORAM: SHRI CHARAN SINGH - HON’BLE MEMBER (T)
ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD BENCH, HELD ON 09.01.2023 AT 02:30 PM
| TRANSFER PETITION NO. | |
|---|---|
| COMPANY PETITION/APPLICATION NO. | Company Petition IB/282/2022 |
| NAME OF THE COMPANY | Mr. Sunil Krishna Khaitan |
| NAME OF THE PETITIONER(S) | Khaitan Electricals Ltd |
| NAME OF THE RESPONDENT(S) | Mr. Sunil Krishna Khaitan |
| UNDER SECTION | 95 of IBC |
ORDER
Ld. Counsel for the Petitioner and the Respondent Present. However, at this stage since no right of audience is provided for the Personal Guarantor, his presence may not have any bearing on passing of this order.
We perused the application. The same is found to be in order. There is primafacie default by the Personal Guarantor. Hence, we Mr. Rajesh Kumar Agrawal, Registration Number of IP: IBBI/IPA-001/IPP01023/2017-2018/11722, E-mail ID: [email protected] 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.
Contd… 2 pg.
Apoorva
: 2 :
During the interim-moratorium period:
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.
Matter adjourned to 09.02.2023.
Sd/- Sd/-
MEMBER (T)
MEMBER (J)
Apoorva
2 issues framed by the court
Whether to appoint a Resolution Professional under Section 95 of the IBC.
Whether interim moratorium under Section 96 applies upon filing of the application.
3 provisions across 1 enactments
Khaitan Electricals Ltd
Mr. Sunil Krishna Khaitan
Telaprolu Rajani
Charan Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
