2022 (1) TMI 404

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....Insolvency & Bankruptcy<br>[Justice Ashok Bhushan] Chairperson And [Dr. Ashok Kumar Mishra] Member (Technical) For the Appellant : Mr. Abhishek Anand, Mr. Kunal Godhwani, Advocates For the Respondent : Mr. Sumant Batra, Ld. Amicus Curiae Mr. Apoorva Chowdhury, Advocate ORDER (Virtual Mode) Heard Learned Counsel for the Appellant-Mr. Abhishek Anand and Mr. Sumant Batra-Learned Amicus Curiae. ....

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.... the Applicant being I.A. No. 943/2021 seeking modification of the Order dated 12th February, 2021 and it was stated in the application that although in the initial petition no IRP was proposed but after the Order was reserved on 04th January, 2021 an application was filed on 31.01.2021 proposing the name of IRP. The application was heard on 18.01.2021. The name of IRP-Mr. Anil Tayal was prayed in....

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.... 2021, the period from 12th February, 2021 to 28th February, 2021 ought to have been excluded. The Adjudicating Authority committed an error in rejecting the Application. 5. We are thus of the view that Order of the Adjudicating Authority rejecting the Application deserves to be set aside and the I.A. No. 1304 of 2021 deserves to be allowed. 6. Before closing we notice the Order passed by this T....

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.... no more continuing. In the earlier Section 16 sub-Section 1 the words "within 14 days from the Insolvency Commencement Date" has now been substituted by following:- "16(1).The Adjudicating Authority shall appoint an interim resolution professional on the insolvency commencement date". In view of the above amendment which has been enforced with effect from 28th December, 2019 now there cannot b....