2017 (5) TMI 1635

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nsolvency Resolution Professional (IRP) Shri Arun Kumar Gupta, has filed progress report in the case wherein it is mentioned that in the first meeting of Committee of Creditors (CoC) took place on 06/05/2017 wherein all members were present. The CoC decided to abstain from voting in the meeting and necessary decisions would be taken in the next meeting of the CoC. He however informed that the next....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....drawing the Petition. 4. It appears from the record that the Petition was filed under Section 9 of the IBC, 2016 and after receipt of Application being CP No. 150 of 2017, order of admission was passed by this Tribunal on 20/04/2017 and Shri Arun Kumar Gupta was appointed as IRP. In compliance with the said order dated 20/04/2017 public announcement was made in the newspapers and thereafter Opera....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er creditors and for declaration of Moratorium. It also appears from the provisions of Section 9(5)(ii)(b) that if repayment of the debt amount is made by the Operational Debtor, then adjudicating authority has power to reject the Petition, before admission of the Petition. After the admission, the Petition acquires the character of Representative suit and through publication of Notice in Newspape....