2017 (9) TMI 1798

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....r the Respondent: Mr.Diwan Sharma. Advocate for corporate debtor. ORDER This petition filed by the 'Financial-Creditor' under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity, 'the Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') for initiating the insolvency resolu....

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....he committee of creditors whichever is earlier; (iii) In terms of Section 17 of 'the Code', from the date of this appointment, the powers Of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the 'Corporate Debtor' shall report to the Interim Resolution Prof....

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.... Government and in accordance with the 'Code' of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; (v) The Interim Resolution Professional shall endeavour to constitute the Committee of Creditors at the earliest but not later than three weeks from the date of this order. It is hereby directed that the 'Corporate DebtoN,....

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.... (vii) As required under Rule 27 of the Insolvency and Bankruptcy Board Of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Interim Insolvency Resolution Professional shall within seven days from today, appoint two registered valuers to determine the liquidation value of the Corporate Debtor in terms of Regulation 35. 3. It is further directed that the Interim....