TaxTMI 
TaxTMI 
2017 (6) TMI 1302
X X X X Extracts X X X X
X X X X Extracts X X X X
....ol-I of the type set to the application, wherein total demand to the tune of Rs. 24,80,33,430/-has been made. Reply to this notice has been given by the Corporate debtor on 26.03.2017 [available at Page 1058 Vol. III] wherein for the first time the corporate debtor has raised certain issues and counter claim, the details of which are contained in the reply to the notice. It is on record that the Corporate debtor sent a communication dated 2nd December, 2016, confirming that as per their books of account, an outstanding payable is Rs. 17,20,78,503/- which is said to be exclusively of various bills totalling Rs. 8,09,71,547/- which is received and stated to have been under process [available a Page 743 - Vol III]. The petitioner has filed an ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o the decision of the Hon'ble High Court of Mumbai, titled Alcon Electronics (P.) Ltd. v. Celem S.A., 2015(1) Mh.L.J. Under para Nos.27 and 28 of the judgment, it has specifically been mentioned that the Director can file a suit without any specific resolution empowering him. In other words, a Director has the powers to manage the affairs of the company in order to discharge his statutory and fiduciary duties. We know that in some of the decisions, the courts maintained that without a specific resolution passed by the Board of Directors, the Director cannot act on behalf of the company. But those matters are relating to Sections 397 and 398 of the Companies Act, 1956 and the suits as well. But under Section 9 of the I&B Code, 2016, as f....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ocess which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 5. We appoint Mr.V.Mahesh, as interim insolvency professional who has been proposed by the operational creditor. He is directed to take charge of the corporate debtor immediately. He is also directed to cause public announcement as prescribed under Sections 13 and 15 of I&B Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim under section 15 of I&B Code, 2016 in the manner as prescribed. It is stated here that no disciplinary proceeding is pending against the Interim Insolvency Professional and his name is reflected on the website of the Insolvency and Bankruptcy Board of Indi....