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TMI Blog2021 (7) TMI 188X X X X Extracts X X X X X X X X Extracts X X X X ..... were required. Due to the severe incident of the fire and several losses, the Directors of the company were of the view that company will not be able to repay the defaults. Hence, the Corporate Person, keeping in view the interest of all stakeholders, filed this petition for revival of the Company CIRP U/s. 10 of the Code. Perusal of records shows that the Corporate Person furnished/disclosed all information relating to all Books of Account. The applicant has produced on record the Board Resolution dated 03.10.2020 authorising the Director i.e., Mr. Subhash Agrawal/applicant to file this application U/s. 10 of the Code for initiation of the CIRP - Corporate Person suggested/proposed name of one Mr. Pratim Bayal for appointment as Interi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.). The applicant further submits that the financial debt owed to Punjab National Bank was sanction on 30.03.2017. The said facility was utilised from time to time as and when the funds were required. Due to the severe incident of the fire and several losses, the Directors of the company were of the view that company will not be able to repay the defaults. Hence, the Corporate Person, keeping in view the interest of all stakeholders, filed this petition for revival of the Company CIRP U/s. 10 of the Code. 3. In this case, perusal of records shows that the Corporate Person furnished/disclosed all information relating to all Books of Account. The applicant has produced on record the Board Resolution dated 03.10.2020 authorising the Direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst the Corporate Debtor including execution of any judgment, decree or Order in any Court of Law, Tribunal, Arbitration Panel or other Authority; b) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (iv) The supply of essential ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akh only) to Interim Resolution Professional as advance fees as per Regulation 33 (2) Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 which shall be adjusted from final bill. (x) The Resolution Professional shall conduct CIRP in time bound manner as per Regulation 40A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (xi) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the Resolution passed by the Committee of Creditors. (xii) Interim Resolution Professional to file 1st Progress Report on.....................List the matter on........... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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