ORDER

1. This Petition is filed by M/s Asmitha Microfin Ltd/Corporate Applicant under Section 10 of Insolvency and Bankruptcy Code (hereinafter to be referred as “Code”), read with Rule 7 of Insolvency and Bankruptcy seeking initiation of Corporate Insolvency Resolution Process (CIRP), granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon, contending that the Petitioner defaulted in the payment of alleged debt of Rs.- 143,69,07,866/ .

2. The averments by the Corporate Applicant i.e. M/s Asmitha Microfin Ltd - in brief are:

2.1 The company was incorporated in the year 2001 with the main object of carrying micro finance business and registered with the Reserve Bank of India as an NBFC vide certificate of Registration dated 07.06.2022.

2.2 The Company was smoothly carrying out its business in 14 States pan India until 2010. However, the enactment of the Andhra Pradesh Microfinance Institutions (Regulation of Money Lending Act), 2010, had impacted the recovery of advances portfolio of the Company in the States of Telangana and Andhra Pradesh (erstwhile State of Andhra Pradesh), which had adversely affected the business opera