R.P. Nagrath, Member - (1.) This petition is filed by M/s. Aggcon Equipments International (P) Ltd., an 'Operational Creditor' under Section 9 of the insolvency & Bankruptcy Code, 2016 (for short to be here-in-after as the 'Code') for initiating the Corporate Insolvency Resolution Process against M/s. Isolux Corsan India Engineering & Construction Pvt., Ltd. (for brevity ICI). The petition has been filed with the application in Form 5 as provided in rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules').
(2.) Part-Ill of Form 5 refers to the particulars of the proposed Interim Resolution Professional. In this case, the petitioner has not proposed any Insolvency Resolution Professional. As per sub-section (4) of Section 9 of the Code, an Operational Creditor initiating the corporate insolvency resolution process under this Section, may propose an Interim Resolution Professional to act as an Interim Resolution Professional. So it is not mandatory for the petitioner to propose the name of the Interim Resolution Professional (for brevity 'IRP'). The above proposition is further clarified from sub-section (3) of Section 16 of the Code, which says that in case the IRP is not proposed, the Adjudicating Authority shall make a reference to the Insolvency & Bankruptcy Board of Indra (IBBI) for recommending an Interim Resolution Professional, who may act as an IRP.
(3.) The petitioner is a Body Corporate constituted under the Companies Act, 1956 and the Certificate of incorporation of the petitioner is part of Annexure P-2 (Colly) with which the Memorandum & Articles of Association are attached. The Board of Directors of the petitioner company passed a resolution dated 02.05.2017 authorising Mr. Jatinder Kumar Aggarwal & Padam Singh Rawat jointly and severally to initiate the corporate insolvency resolution process against "M/s. Isolux Corsan India Engineering & Construction Pvt. Ltd., Gurgaon" and "C & C Constructions Ltd., New Delhi" (far brevity C & C) and to do all the necessary acts in the progress of the case etc. including, filing and signing of petitions, caveats, applications, suits and to make statements etc. in the progress of the case. Copy of the resolution of the Board of Directors is at Annexure P-1. The contents of the application are supported by the affidavit of Mr. Padam Singh Rawat, one of the authorised persons.;