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2018 (12) TMI 741 - NATIONAL COMPANY LAW TRIBUNAL, JAIPURCorporate insolvency process - claim as made by the Operational Creditor - Held that:- The records as well as the statements made by the Corporate Debtor based on affidavit that it is unable to satisfy the claim as made by the Operational Creditor, this petition stands admitted as envisaged by Section 9 of the IBC, 2016 as against the Corporate Debtor. Moratorium in terms of Section 14 of IBC, 2016 will commence from the date of this order admitting the petition and the proposed Interim Resolution Professional (IRP) proposed by the Operational Creditor, namely, Miss. Sarita Duck with Registration No. as noted above is appointed as an Interim Resolution Professional (IRP) to commence and carry forward the CIRP against the Corporate Debtor. In terms of Section 17 of IBC, 2016, the powers of the Board of Directors of the Corporate Debtor shall stand suspended and the IRP appointed by this Tribunal as proposed by the Operational Creditor will take charge of affairs of the Company henceforth. In terms of Section 19 of IBC, 2016, the Board of Directors of the Corporate Debtor whose powers stands suspended as well as its personnel shall fully co-operate with the IRP appointed herein and due co-operation shall also be extended to the IRP by the employees, associates and professionals rendering their service to the Corporate Debtor. IRP to exercise the powers within the confines of IBC, 2016 and shall perform all duties as behoved upon IRP under the provisions of IBC, 2016 as well as all attendant rules and regulations, without any let and shall also file the status report in relation to the progress of the CIRP of the Corporate Debtor. A copy of this order shall be duly communicated to the Operational Creditor, Corporate Debtor as well as to learned IRP, namely, Miss Sarita Duck at the earliest not later than three days from today.
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