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2017 (7) TMI 1223 - Tri - Companies LawInitiating the insolvency resolution process against the Respondent company registered under the Companies Act, 1956 - Held that:- As legislature itself has provided for procedure which the Interim Resolution Professional or Resolution Professional, as the case may be has to follow in accordance with the provisions of the 'Code', Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Rules under which the Insolvency Professional has to be bound. His role as a Resolution Professional cannot be restricted or curtailed by the Adjudicating Authority by making such observations or issuing certain specific directions. The instant petition deserves to be admitted. Petitioner's contention that apart from the specific directions which can be issued under section 14 of the 'Code', it would be pertinent that a specific direction may also to be issued so that the value of shares and assets of the Corporate Debtor are not dissipated is of no force because the legislature itself provided for various directions with regard to the moratorium which the Adjudicating Authority has to declare. Petition admitted.
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