2017 (7) TMI 1360

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....dmit 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.Heard the Counsel appearing on behalf of the Operational Creditor and perused the Petition along with the documents placed on record. As seen from Order dated 20.7.2017, Mr. Abishek Raman has caused appearance on behalf of Respondent and prayed for time to seek instructions from Corporate Debtor. However, today, when the matter is called, there is no representation on behalf of Respondent. It is also on record that vide Order dated 11.7.2017, the Respondent was proceededexparte. 3.The Petitioner claims that the Corporate Debtor has not paid ....

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....r. Venkataramanarao Nagarajan, as IRP as 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 prescribed. 6.We declare the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I&B Code, 2016. We order to prohibit ....