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TMI Blog2017 (11) TMI 1611X X X X Extracts X X X X X X X X Extracts X X X X ..... or Edelweiss ARF -1 Trust (in short, 'Petitioner/Financial Creditor') against M/s. Frontline Printers Private Limited (in short, Respondent/Corporate Debtor) under section 7 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code 2016) r/w rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, IB Rules 2016) 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition. 3. The petitioner/FC is an Asset Reconstruction Company incorporated on 05.10.2007 having its registered office at Edelweiss House, off CST Road, Kalina, Mumbai - 400 098. 4. The learned Counsel for the Applicant submitted that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly opposed the contentions raised by Counsel for the applicant and submitted that the instant petition is not maintainable in law and facts for the reason that the petition is filed on behalf of a wrong entity viz, EARC Trust- SC 19 instead of Edelweiss ARF - I Trust. The application by a wrong party is not a curable defect since the same goes to the root of the matter and locus standi of a party to file the application. The same is not capable of being amended and there is no specific provision in the IB Code permitting filing of such an application for amendment or substitution of the Applicant. He has further submitted that the Applicant has initiated under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 by filing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or added as plaintiff if there is a bonafide mistake. (b)Bal Niketan Nursery School Vs Kesari Prasad - (1987) 3 Supreme Court Cases 587 - To show that if the court is satisfied that a bonafide mistake has occurred in the filing of the suit in the name of the wrong person then the court should set right matters in exercise of its powers under Order 1 rule 10 and promote the cause of justice and the courts should set right matters by ordering the addition or substitution of the proper plaintiff for ensuring the due dispensation of justice. (c) M/s Edelweiss Asset Reconstruction Company Limited Vs Bharati Defence and others - Manu/NC/0981/2017 - To show that the assignee will automatically become Financial Creditor as stated in the definit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d I order commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day this order is passed. 10. I appoint Mr. Balasubramanian T. V, (Registration No. IBBLTPA-Ol /IP-POO 198/2017-2018/10388) of M/s. PKF Sridhar & Santhanam LLP 91/92, having office at VII Floor KRD Gee Gee Crystal, Dr. Radhakrishnan Road, Mylapore, Chennai - 600 004 as Interim Resolution Professional (IRP) proposed by the Applicant. There is no disciplinary proceedings pending against the IRP and his name is reflected in IBBI website. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rnment. 13. The IRP shall comply with the provisions of sections 13(2), 15, 17 & 18 of the Code. The directors, Promoters or any other person associated with the management of Corporate Debtor are directed 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. Accordingly, the application is admitted. 14. The petitioner/FC as well as the Registry is 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 the I & B Code, 2016. 15. The Registry is also directed to communicate this order to the Financial Creditor and the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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