2017 (10) TMI 90

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....prayer made is to admit the application and to initiate the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (I&B Code), by appointing an Interim Resolution Professional (IRP). 2. The Operational Creditor has already made compliance with the requirements under Section 9(3)(b) and (c) of the I&B Code, 2016. However, the Affidavit submitted by the Operational Creditor was not in compliance with Section 9(3)(b) of the Code, 2016 and therefore, time was granted to the Operational Creditor to rectify the defect. Pursuant to which, the Affidavit has been filed rectifying the defect stating therein that no notice has been given by Corporate Debtor relating to the dispute of the unpaid operational debt. The ....

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....ents of law and has also proposed the name of IRP after obtaining the written consent in Form-2. We are satisfied that Corporate Debtor committed default in making payment of the outstanding debt. Therefore, TCP/385/(IB)/CB/2017 is admitted and we order the commencement of the Corporate Insolvency Resolution Process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 5. We appoint Mr. R. Krishnamurthy, as IRP as proposed by the Operational Creditor. There is no disciplinary proceedings pending against the IRP as evidenced from Form-2 and his name is reflected in IBBI website. The IRP is directed to take charge of the Corporate Debtor's management immediately. He is also directed to cause....