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TMI Blog2017 (6) TMI 1090X X X X Extracts X X X X X X X X Extracts X X X X ..... having IP Registration No. IBBI/IPA-001/IP-00224/2016-17/1551 dated 13th January, 2017 and residing at A-43, Prime Plaza, Opposite DLA School, Bodakdev, Ahmedabad, is appointed as “Interim Insolvency Resolution Professional” who filed Form-2 and Certificate of Registration issued by the Insolvency and Bankruptcy Board of India. This Adjudicating Authority also directs the Corporate Applicant to make a public announcement in terms of Clause (b) of sub-section (1) of Section 13 of the Code. - C.P. (I.B.) NO. 23/10/NCLT/AHM/2017 - - - Dated:- 23-5-2017 - MR. BIKKI RAVEENDRA BABU, J. For The Petitioner : Rajesh Bohra, Ld. Advocate FINAL ORDER 1. M/s. New Tech Fittings Ltd., filed this Petition under Section 10 of The Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... machinery, land and building and residence of Guarantor's under auction. 6. A perusal of the order of the Board for Industrial and Financial Reconstruction (BIFR) dated 28.7.2009 made in Case No. 27/2008 of M/s. New Tech Fittings Pvt. Ltd., clearly shows that in view of the reason that the Bank had taken symbolic possession of the Company's assets under Section 13(4) of the SARFAESI Act, the Bench awaited the Reference of M/s. New Tech Fittings Pvt. Ltd., pending before the BIFR. 7. Moreover, in view of the Eighth Schedule of The Insolvency and Bankruptcy Code, 2016 there was amendment to The Sick Industrial Companies (Special Provisions) Repeal Act, 2003. As per the said amendment, in Section 4, for sub-clause (b), new claus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ational Creditors. The Bank namely, Rajkot Nagarik Sahakari Bank Limited is a Secured Creditor. The names of the Operational Creditors and the debts due to them are mentioned in Annexure A-6 of the Petition. Petitioner also created mortgage for the immoveable properties of the Company. 11. Corporate Applicant is defined in sub-section (5) of Section 5 of the Code. 12. Corporate Applicant means 'Corporate Debtor' or 'member' or 'partner' of Corporate Debtor or individual in- charge of managing the operations and resources of the Corporate Debtor or a person having control and supervision over the financial affairs of the Corporate Debtor. 13. Corporate Debtor is defined in Section 3(8) of the Code. It s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Applicant also filed written communication of proposed Interim Insolvency Resolution Professional in Form-2. 15. Hence the Petition filed by the Corporate Applicant admitted under Section 10(4)(a) of the Code. 16. Section 13 of the Code enjoins upon the Adjudicating Authority to exercise its discretion to pass an order to declare a moratorium for the purposes referred to in Section 14, to cause a public announcement of the initiation of corporate insolvency resolution and call for submission of claims as provided under Section 15 of the Code. Sub-section (2) of Section 13 says that public announcement shall be made immediately after the appointment of Interim Insolvency Resolution Professional. 17. Hence, Shri Devendra Pada ..... X X X X Extracts X X X X X X X X Extracts X X X X
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