V.P.Singh, Member - (1.) An application for initiating Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "IBC") read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, was filed against R G Shaw & Sons Private Limited (hereinafter referred to as "Corporate Debtor") by Naviplast Traders Private limited & Others (hereinafter referred to as "Petitioners") , which was admitted buy our order dated 12th April 2017.
(2.) Shri Sumit Binani was appointed as the Interim Resolution Professional , who was later confirmed as the Resolution Professional (from now on referred to as "RP") by our order dated 26th July 2017. Upon admission of the application, the IRP made a public announcement regarding Section 13(2) and 15 of the I & B Code, 2016 read with Regulation 6 of the IBBI (Insolvency Resolution for Corporate Persons) Regulations, 2016 (in short "CIRP Regulations") .
(3.) The IRP filed his First Progress Report on 28th April 2017, wherein, he stated that the Corporate Debtor had not been regularly functioning for the past two years and the last financial audit of the annual accounts of the Corporate Debtor was conducted from 1st April 2013 to 31st March 2014. After that, the accounts of the Corporate Debtor have not been audited.;