9911796707
TMI Blog2017 (8) TMI 1317X X X X Extracts X X X X X X X X Extracts X X X X ..... VIJAYARAGHAVAN MEMBER (TECHNICAL) For the Petitioner : Counsel Mr. S. R. Raghunathan and Rohan Rajasekaran For the Respondent: Sr. Counsel Mr. P. H. Arvindh Pandian and Mr. Vishnu Mohan ORDER Per: CH MOHD SHARIEF TARIO, MEMBER (J) 1. Under adjudication been filed by M/S. Rio Creditor) represented by is an application that has Glass Solar SA (Operational its Power of Attorney Agent, Mr. Jose Maria Villanueva Fernandez, Poligno Industrial Villallana, S/N, 33695, Pola De Lana, Asturias, Spain against M/S. Shriram EPC Limited (Corporate Debtor), under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I B Code 2016, for short) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the Corporate Debtor. 4. The Hon'ble High Court of Madras vide Order dated 09.02.2017 passed in OP No. 587/2015 has allowed the prayer of the Operational Creditor making the Award dated 12.02.2015 as decree of the court. The Operational Creditor has also placed on record an Affidavit under Section 9 (3) (b) of the I B Code, 2016 which is available at page 208 of the Application and under para 6, it is mentioned that no notice was given by the Corporate Debtor in relation to any dispute relating to the unpaid operational Debt. The Operation Creditor has also placed on record the Bank statement issued by Caixa Bank, Corporate Banking Unit, Paseo De La Castellana, 7 PI, 28046 Madrid (Tel 91412800), showing that the Operational Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.02.2015 has not attained the finality. 8. The first objection is that the Application has not been filed and verified by the proper person But, as seen from the record that there is an extract of the resolution passed by the Board of Directors of the company at the meeting held on 27th day of April, 2017 wherein it had been resolved that M/S. Advani Co. (Barristers at Law) Indian Law Firm was authorised to file the Petition against the Corporate Debtor. Pursuant to which Mr. S. R. Rajagopal, S.R. Raghunathan, Rohan Rajasekaran and Preeti S. Arasu, Advocates, have been engaged and Company Petition was filed and signed by the authorised person. It has also been placed on record by the Counsel for the Operational Creditor that the resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... objection also stands rejected. 11. Since the Application filed by the Operational Creditor is complete in all respect, we admit the Application [CP 537/1B/CB/2017] and order the commencement of the Corporate Insolvency Resolution commencement of the Corporate Insolvency Resolution process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 12. We appoint Mr. C. Ramasubramaniam, as Interim Resolution Professional (IRP) as proposed by the Operational Creditor. There is no disciplinary proceedings pending against the IRP as evidenced from Form-2 and his name is reflected in IBBI website. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot apply to such transactions, as notified by the Central Government. 15. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 18 of the Code. The directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor is expected to extend all assistance and cooperation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the I B Code, 2016. Accordingly, the application is admitted. 16. The Petitioner and the Registry are directed to send the copy of this Order to IRP so that he could take charge of the Corporate Debtor's assets etc. and make compliance with this Order as per the provisions of I B Code, 2016. 17. The Regis ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
