R P Naggrath, Member - (1.) This petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity, the 'Code') was admitted on 10.07.2017. Since the name of the Insolvency Resolution Professional was not proposed, a reference was made to the Insolvency and Bankruptcy Board of India for recommending the name of Insolvency Resolution Professional in terms of Section 16 (3) & (4) of the Code. The Board has sent its recommendations vide email dated 20.07.2017 recommending the name of Mr. Adesh Kumar Singla, House No. 324r Sector 12-A, Panchkula, Haryana-134112 along with his consent and the necessary particulars for his appointment as the Insolvency Resolution Professional, His fee has been fixed at ?50,000/-excJusive of out of pocket expenses and also excluding lodging and boarding, cost of hiring specialist if required, cost of miscellaneous expenses like advertisement in the newspapers etc. and allied activities, like valuation etc. Mr. Adesh Kumar Sirtgla IRP. is present in person.
(2.) In view of the above, I issue the following directions: (i) Appoint Mr. Adesh Kumar Singla, Registration No.lBBI/IPA-002/iP-N00191/2017-2018/10557, resident of House No. 324, Sector 12-A, Panchkula, Haryana-134112 emai: as0222Q8@qmail.com. Mobile No.7045353823 as Interim Resolution Professional; (ii) The term of appointment of Mr. Adesh Kumar Singla shall be for a period of 30 days from the date of his appointment as Interim Resolution Professional or as may be determined by the committee of creditors whichever is earlier; (iii) In terms of Section 17 of 'the Code', from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the interim Resolution Professional and the officers and the managers of the 'Corporate Debtor' shall report to the Interim Resolution Professional, who shall be enjoined v. 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 Debtor etc. as provided in Section 18 (1)(f) of the 'Code The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the 'Corporate Debtor'; (iv) The Interim Resolution Professional shall strictly act in accordance with the 'Code', all the rules framed thereunder by the Board or trie Central Government and in accordance with the 'Code' of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; (v) The Interim Resolution Professional shall endeavourto constitute the Committee of Gredrtors at the earliest but not later than three weeks from the date of this order It is hereby directed that the 'Corporate Debtor', its properties, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor" as a going concern and extend all co-operation in accessing books and records as well as assets of the 'Corporate Debtor'; (vi) The Interim Resolution Profession shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution & Process for Corporate Persons) Regulations. 2016 of the initiation of the Corporate Insolvency Resolution Process In terms of Section 13(1) (b) of the Code read with Section 15 calling for the submission of ciaims against 'Corporate Debtor' and (vii) As required under Rule 27 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Interim Insolvency Resolution Professional shall Within seven days from today, appoint two registered valuers to determine the liquidation value of the Corporate Debtor in terms of Regulation 35.
(3.) It is further directed that the Interim Insolvency Resolution Professional shall positively file a report of events before this Tribunal every seven days in relation to the 'Corporate Debtor'.;