R.P. Nagrath, Member - (1.) This petition filed by the Financial-Creditor' under Section 7 of the I nsolvency and Bankruptcy Code, 2016 (for brevity, the Code) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity "the Rules') for initiating the insolvency resolution process was admitted on 04.09.2017. The matter was fixed for today for passing of the formal order of appointment of Interim Resolution Professional, Mr.Anil Kohli, who has furnished communication in Form No.2, which was found to be in order as observed in the order dated 04.09.2017.
(2.) In view of above, I issue the following directions: - (i) Appoint Mr. Anil Kohli. Registration No.lBBI/IPA-001/IP-P00112/2017-18/10219, resident of Flat No.1011. KirtiShikhar. District Centre, Janakpuri, New Delhi-110058 email insolvency@arck.in, Mobile No.9810071182 as Interim Resolution Professional; (ii) The term of appointment of Mr. Anil Kohli 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 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 Debtor' 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 stnctly act in accordance with the Code', all the rules framed thereunder by the Board or the 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 endeavour to constitute the Committee of Creditors 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/ oil co-operation in accessing books and records as well as assets of the 'Corporate Debtor'; (vi) The Interim Resolution Professional 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 claims 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'.;