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2017 (4) TMI 675 - Tri - Insolvency and BankruptcyInitiating corporate insolvency resolution process - Held that:- The figures extracted indicate the losses and fall in revenue. It seems that the applicant has fallen into debt trap and is competent to set in motion the insolvency resolution process as contemplated under the Code'. On the basis of the aforesaid statements the total debt raised by the 'Corporate Applicant' with regard to the financial and operational creditors is ₹ 18.48 crores and it is further represented that the total amount of default is ₹ 18.29 crores. In view of the aforesaid discussion, 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, we are satisfied that the instant application warrants to be admitted to prevent further erosion of capital and to safeguard the assets of the Applicant Company/Corporate Debtor Directions to Appoint Mr. Jalesh Kumar Grover resident of House No.202, GH No,40, Sector 20, Panchkula-134113 (Haryana), Mobile No.09501081808, emait; jk.grover27@gmail.com Registration No. IBBI/IPA-G01/IP-00136/2Q16-17/1259, a Registered insolvency Professionat (IRP) as the Interim Resolution Professional as contemplated under Section 16 of 'the Code1 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; 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' shah report to the interim Resolution Professional.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 Debtor1 as a going concern and extend ail cooperation in accessing books and records as well as assets of the 'Corporate Debtor'.
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