M.K. Shrawat, Member - (1.) From the side of the IRP appointed vide an Order dated 16.08.2017 an Application has been moved through which, a list of 11 Debtors is placed which are in the nature of Trade Debtors from whom the Respondent Company is to recover the amount.
(2.) For the timebeing the proposal of sanctioning of the Insolvency against all these 11 Creditors cannot be entertained. The IRP is directed to issue Demand Notices under Section 8 of the Code and if there is non-compliance then the proper decision shall be taken on the outcome of the Notice.
(3.) Meanwhile the IRP is directed to commence the Meeting of the Creditors and place the Report on the record.;