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2017 (6) TMI 410 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARHInitiation of corporate insolvency resolution process under Sections 10,13 and 14 of the Insolvency and Bankruptcy Code, 2016 - Held that:- The instant petition deserves to be admitted. It is, however, observed that the Applicant Company' save some sketchy particulars has not given any road map as to how it is going to keep itself afloat as a going concern. However, keeping in perspective the objects for which the Code' has been brought into force and to balance the interest of all stakeholders, I am satisfied that the instant application warrants to be admitted to prevent further erosion of capital and to safeguard the assets of the 'Applicant/Corporate Debtor'. (i) Appoint Mr. Krishan Vrind Jain, Mobile No-9417009490 SCO 345-346, 2nd Floor, Sector 35-B, Chandigarh, 160035, e-mail-jainkv@gmailcom, Registration No.IBBI/IPA-001/IP-00619/2016-2017/1396, a Registered Insolvency Professional (IRP) as the Interim Resolution Professional as contemplated under Section 16 of 'the Code' and his term of appointment shall be for a period of thirty days from the date of this order or as may be determined by the Committee of Creditors whichever is earlier; (ii) In terms of Section 17 of the 'Code', from the date of his appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the 'Corporate Debtor' shall report to the Interim Resolution Professional. (iii) The Interim Resolution Professional shall strictly act in accordance with the 'Code', all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standard of ethics and moral. (iv) The Interim Resolution Professional shall endeavour to constitute the Committee of Creditors at the earliest but not laterthan three weeks from the date of this Order. (v) It is hereby directed that the 'Corporate Debtor', its properties, personnel and persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the 'Corporate Debtor' as a going concern and extend all cooperation in accessing books and records as well as assets of the 'Corporate Debtor'.
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