Mohd Sharief Tariq, Member - (1.) Under Adjudication is CP/635/(IB) /CB/2017 that has been filed by the Operational Creditors under Section 9 of the Insolvency & Bankruptcy Code 2016 (in short, l&B Code, 2016s) r/w the Insolvency & Bankruptcy (Application to Adjudicating Authority Rules, 2016) . The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code) .
(2.) Heard the Counsel for the Operational Creditors and perused the record. As seen from the Order of this Bench dated 04.01.2018, despite the issuance of substituted service of notice by way of newspaper publication, there was no representation on behalf of the Corporate Debtor, and therefore, the Corporate Debtor was proceeded ex parte, on 04.01.2018.
(3.) This Application has been filed by three Operational Creditors which is signed by the 2nd and 3rd Operational Creditors but on behalf of the 1st Operational Creditor, the 2nd Operational Creditor has singed the Application on the basis of General Power of Attorney which is placed at pages 8 and 9 of the typed set filed with the Application. It has been submitted by the Counsel for the Operational Creditors that the Application is filed jointly for the reasons that the Memorandum of Understanding (MoU) dated 09.08.2014 has been executed between the three Operational Creditors and the Corporate Debtor. Therefore, they are parties to the MoU and the agreement is a joint in nature. Hence, the Operational Creditors are jointly entitled to file the Application under Section 9 of the I&B Code, 2016 for claiming their dues.;