TaxTMI 
TaxTMI 
2022 (8) TMI 1059
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....The present application has been filed under Rule 11 of the NCLT Rules, 2016. In the present application, Deepinder Singh, Proprietor of Singh Paper & Board is the applicant-operational creditor, and Beckons Industries Limited is the respondent-corporate debtor. 2. In the present application, the applicant prays to make necessary amendments in the Para 17 of the order dated 28.06.2022 passed by this Adjudicating Authority and to make appointment of proposed IRP suggested by the applicant or any other person as this Adjudicating Authority deems fit for the appointment as IRP. 3. It may be noted that as per order dated 14.07.2022 of this Adjudicating Authority, the present application has been filed for replacement of IRP appointed by this ....
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.... communication to the stakeholders, whether in the form of notices, reports, updates, directions, or clarifications, is made well in advance and in a manner which is simple, clear, and easily understood by the recipients''. Keeping in view the above, the proposed IRP, Mr. Deepankur Sharma, in the present application is directed to adhere to the aforementioned Code of Conduct before giving his consent in an application under the Code. 7. Since, no other IRP has been suggested thus, under sub section (4) of Section 9 of the Code, the Adjudicating Authority has to forward the name of Resolution Professional proposed to the Insolvency and Bankruptcy Board of India for its confirmation and shall make such appointment after the confirmat....
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....ffairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debt....
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....is Bench and move an application seeking appropriate remedy, if required. This is imperative for meeting the Code's objectives for maximising the value of the assets of the corporate debtor and by completing the resolution process in a time-bound manner. viii) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven days of filing the report of constitution of ....