- (1.) Application under Section 7 of the Insolvency and Bankruptcy Code. 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority ) Ruies, 2016 to inftiate corporate insolvency resolution process in the matter of M/s. James Hotels Lid. Present; Mr. R.S. Bhatia, Advocate & Mr. Navneet Gupta, CA, proposed Interim Resolutfon Professional for petitioner / Financiaf Creditor Mr, Anand Chhibbar, Sr. Advocate with Mr.Nitish K.Vasudeva, Advocate for Corporate Debtor. R.P.Nagrath J., Member (Judicial) (Oral) : This petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 was admitted by us vm detailed order dated 27.04.2017 declaring moratorium as per directions contained in paragraph 39 of the said order. The matter was freed for today for passing of formal order of appointment of the Interim Resolution Professional. It was observed in the order dated 27.04.2017 that under Section 16 of the Code, the Adjudicating Authority is to appoint Interim Insolvency Resolution Professional within 14 days of the insolvency commencement date which is 27,04.2017 in this case.
(2.) Initially the applicant-bank had proposed the name of Mr. Vivek Goyal, CA registered wrth IBBI to be appointed as \RP, but he having been appointed TRP In another case after the institution of this petition, the petitioner-bank filed fresh written communication in Form No. 2 by Mr. Navneet Gupta, CA, having Regn. No.lBBi/lPA-01/lP-00453/2016-17/2006, resident of House No.1593, LeveM, Sector 22-B, Chandigarh - 160022 who has slated that his Mobile No. is 9&14333213 and email ID navQuptaca@gmail.com, It ws observed in the order dated 27.4.2017 that this nomination is found to be complete all respects.
(3.) We, therefore, issue the following directions: i) Appoint Mr. Navneet Gupta, CA having Regn.NoJBBI/lPA-01/IP-00453/2016-17/2006, resident of House No.1598. LeveM, Sector-22-B, Chandigarh-160022, Mobile No. 9814333213, email:navguptaca@gmaiircomp registered as IRP, as the Interim Resolution Professional in terms of Section 16 of the 'Code'. His appointment shall be for a period of 30 days from the date of this order or as may be determined by the Committee of the Creditors, whichever is earlier. ii) In terms of Section 17 of the Code', from the date of his appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs of Corporate Debtor shall vest wfth the Interim Resolution Professional The officers and the managers of the 'Corporate Debtor' shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the 'Code', including taking control and custody of the assets over which the 'Corporate Debtor1 has ownership rights recorded in the balance sheet of the Corporate Debtor3 etc. as provided in Section 18(1) (f) of the 'Code', The Interim Resolution Professional is directed to prepare a complete list ot inventor* of assets of the Corporate Debtor' iii) The Interim Resolution Professional shall strictly ad in accordance with the 'Code', ail the rules framed thereunder by the Board or the Centra! Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standard of ethics and moral. iv) The Interim Resolution Professional shall endeavour to constitute the Committee of Credftors at the earliest but not later than three weeks from the date of this Order. v) It is hereby directed that the 'Corporate Debtor1, its properties, personnel and persons associated with the management shall extend a/I cooperation to the Interim Resolution Professional in managing the affairs of the 'Corporate Debtor1 as a going concern and extend ail cooperation in accessing books and records as well as assets of the 'Corporate Debtor'.;