IN RE Vs. EOLANE ELECTRONICS BANGALORE PVT LTD

JUDGEMENT

(1.) This Company Petition was filed by Eolane Electronics Bangalore Private Limited on behalf of the Corporate Debtor under Section 10 of the Insolvency and Bankruptcy Code 2016 read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process.

(2.) The Corporate Debtor has in default for four years for a total sum of Rs. 144,99,49,809/- to the Creditors as stated in the petition. This Bench on perusal of the documents and averments made in the Petition passed vide Order dated 31st August, 2017 admitted the application and declared Moratorium under Section 14 of the Insolvency and Bankruptcy Code 2016 and appointed Shri Gorur N Venkataraman, bearing Registration No. IBBI/IPA-003/IP-N00075/2017-18/10585, residing at No.8, First Floor, Behind Rameswara Temple, 4th Main, Chamarajpet, Bengaluru 560 018, email : gnvmail@gmail.com, as Interim Resolution Professional (IRP) , directing him to take necessary action in accordance with the relevant provisions of the Insolvency and Bankruptcy Code.

(3.) The said IRP has submitted the report on 20.09.2017 enclosing the list of Creditors along with the amount claim verified as required under I&BC and Regulation. He has also filed a copy of paper publication as required under Section 13 of the Code for having taken advertisement on 02.09.2017 one in "Deccan Herald" (English Newspaper) and one in "Vijaya Karnataka" (Regional Language) .