2017 (7) TMI 1059 - Tri - Insolvency and Bankruptcy

Interim Resolution Process - Held that - The matter was listed for today for passing formal order of appointment of Interim Resolution Professional. Authorised Representative of the petitioner filed fresh certificate of registration dated 06.07.2017 to Mr. Anil Kumar, proposed Insolvency Professional issued by the Insolvency and Bankruptcy Board of India. Appoint Mr. Anil Kumar, Registration No.lBBl/lPA-001/IP-PO0144/2017-18/10308, resident of House No. 303, Chandra GHS Ltd.,Sector 55, Golf Course Road, Gurgaon-122011, email [email protected], Mobile No.9873121883/9999458888 as lnterim Resolution Professional. The term of appointment of Mr. Anil Kumar shall be for a period of 30 days from the date of his appointment as lnterim Resolution Professional or as may be determined by the committee of creditors whichever is earlier. It is further directed that the Interim Insolvency Resolution Professional shall positively file a report of events before this Tribunal every seven days in relation to the Corporate Debtor .

Summary

Issues: Appointment of Interim Resolution Professional, Suspension of Board of Directors' powers, Duties and powers of Interim Resolution Professional, Constitution of Committee of Creditors, Public announcement of Corporate Insolvency Resolution Process, Reporting requirements, Supply of orders to parties.

Appointment of Interim Resolution Professional: The Tribunal issued directions to appoint Mr. Anil Kumar as the Interim Resolution Professional, specifying his registration details and contact information. The term of his appointment was set for 30 days or as determined by the committee of creditors, whichever is earlier.

Suspension of Board of Directors' Powers: As per Section 17 of the Code, the Tribunal ordered the suspension of the powers of the Board of Directors upon the appointment of the Interim Resolution Professional. The management of the affairs was vested with the Interim Resolution Professional, who was directed to exercise all powers and duties as per the Code, including taking control and custody of the assets of the Corporate Debtor.

Duties and Powers of Interim Resolution Professional: The Interim Resolution Professional was directed to strictly adhere to the Code, rules framed by the Board or Central Government, and the Code of Conduct governing the profession of an Insolvency Professional. Additionally, the Professional was instructed to prepare a complete list of inventory of assets of the Corporate Debtor.

Constitution of Committee of Creditors: The Interim Resolution Professional was directed to constitute the Committee of Creditors within three weeks from the date of the order. The Corporate Debtor and associated personnel were instructed to cooperate in managing the affairs of the Corporate Debtor and provide access to books, records, and assets.

Public Announcement of Corporate Insolvency Resolution Process: The Interim Resolution Professional was mandated to cause a public announcement within three days of the initiation of the Corporate Insolvency Resolution Process, calling for the submission of claims against the Corporate Debtor.

Reporting Requirements: The Interim Insolvency Resolution Professional was directed to file a report of events before the Tribunal every seven days concerning the Corporate Debtor.

Supply of Orders to Parties: The Tribunal ordered the supply of the order to the Authorized Representatives of both parties. The counsel for the Operational Creditor was specifically directed to provide copies of the orders to the Interim Insolvency Resolution Professional promptly.