2017 (8) TMI 1391

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....') under section 433(e) and (f), 434(i)(a) and 439(i)(b) of the Companies Act, 1956 before the Hon'ble Madras High Court which has been transferred to this tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016. Now, pursuant to the Central Government notification number GSR 119(E) dated 07.12.2017, this petition needs determination as per the provisions of the Insolvency and Bankruptcy Code 2016 (In short, IB Code 2016). 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition. 3. Shri Ramakrishnan Viraraghavan, the learned senior counsel appearing on behalf of the petitioner/OC submitted that the Petitioner is....

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....nable on various grounds. He submitted that the instant petition is fit to be rejected on technical grounds for non-compliance of section 8(1), 9(3)(a)(b)(c) of the IB Code 2016. 6. It is further submitted that there are several litigations pending between the petitioner and respondent. He submitted that the respondent has filed a company petition No. TCP/216/2013 under section 397 r/w section 398 of the Companies Act, 1956 against Mr. K.G. Balasubramaniam, the husband of the petitioner and the said petition is still pending before Division Bench of NCLT, Chennai. He also submitted that to take revenge, the petitioner's husband has filed a company petition No. TCP/139/2016 against the respondent which is also pending before Division ....

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....t of an unpaid operational debt by the corporate debtor. The petitioner counsel in his Rejoinder stated that the certificate from the banker is based on an extract of the Bank statement. Therefore, the non-filing of the certificate is not fatal when the entire bank statement, which is properly stamped and signed is available before the adjudicating authority and the application cannot be rejected on this ground. 10. The counsel for respondent further contends that the Invoices filed alongwith the instant petition are fabricated and some of them have been signed by Mr. K.G. Balasubramanian and also there are defects in the invoices. In reply to this the counsel for the petitioner submitted that the respondent already availed input tax cre....

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....t petition is admitted and I order the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day of this order is passed. 15. I appoint Mr. S. Rajendran as Interim Resolution Professional (IRP) proposed by the Operational Creditor. There is no disciplinary proceedings pending against the IRP and his name is reflected in IBBI website. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I & B Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribe....