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of <h1>Transfer of Petition to Tribunal under Insolvency Code: Interim Resolution Professional's Key Responsibilities and Reporting Duties</h1> <h3>Visa Drugs & Pharmaceuticals Pvt. Ltd. Versus M/s Swan Aluminiums Pvt. Ltd.</h3> Visa Drugs & Pharmaceuticals Pvt. Ltd. Versus M/s Swan Aluminiums Pvt. Ltd. - TMI Issues:Transfer of petition from High Court to Tribunal under Insolvency and Bankruptcy Code, 2016; Appointment of Interim Resolution Professional; Suspension of powers of Board of Directors; Duties and powers of Interim Resolution Professional; Constitution of Committee of Creditors; Public announcement of Corporate Insolvency Resolution Process; Appointment of registered valuers for determining liquidation value; Reporting obligations of Interim Insolvency Resolution Professional.Transfer of Petition:The petition was initially filed in the High Court under Sections 433(e) and 434 of the Companies Act, 1956. It was later transferred to the Tribunal under the Companies (Transfer of Pending Proceedings) Rules, 2016. The Tribunal proceeded with the case under Section 7 of the Insolvency and Bankruptcy Code, 2016, and admitted it on 04.09.2017.Appointment of Interim Resolution Professional:Mr. Harish Taneja was appointed as the Interim Resolution Professional for a term of 30 days from the date of his appointment or as determined by the committee of creditors, whichever is earlier. The Interim Resolution Professional was tasked with taking control and custody of the assets of the Corporate Debtor, preparing an inventory of assets, and managing the affairs of the Corporate Debtor in accordance with the Code and relevant provisions.Suspension of Board of Directors' Powers:Upon the appointment of the Interim Resolution Professional, the powers of the Board of Directors were suspended, and the management of the affairs vested with the Interim Resolution Professional. The officers and managers of the Corporate Debtor were directed to report to the Interim Resolution Professional and cooperate in the management of the Corporate Debtor as a going concern.Duties and Powers of Interim Resolution Professional:The Interim Resolution Professional was directed to strictly adhere to the Code, rules framed thereunder, and the Code of Conduct governing the profession of an Insolvency Professional. Additionally, the Interim Resolution Professional was required to constitute the Committee of Creditors within three weeks, make a public announcement of the Corporate Insolvency Resolution Process, and appoint registered valuers to determine the liquidation value of the Corporate Debtor.Reporting Obligations:The Interim Insolvency Resolution Professional was mandated to file a report of events before the Tribunal every seventh day concerning the Corporate Debtor. The orders issued by the Tribunal, including the appointment of the Interim Resolution Professional, were to be communicated to both parties, and the Interim Resolution Professional was to be supplied with copies of the orders.
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