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2017 (8) TMI 343 - Tri - Insolvency and BankruptcyInsolvency Resolution process - Held that:- It is not the case of respondent that Hon'ble NCLAT has directed stay of operation of the order dated 07.4.2017. Under section 16(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the 'Code'} the 'Adjudicating Authority is to appoint an Interim Insolvency Professional within 14 days from the insolvency commencement date. As per Section 9(6) of the Code' the Insolvency commencement date in case of the application filed by the 'Operational Creditor' is the date of the admission of the application under sub-section (5) thereof. It needs to be observed that there was a spell of holidays from 08.4.2017 to 16.4.2017 (both days inclusive) and 22.4.2017 and 23.4.2017, were weekly holidays which have to be excluded. It is further directed that the insolvency Resolution Professional shall positively file a report of events before this Tribunal every 10 days in relation to the 'Corporate Debtor'. Copy of this order be supplied to the counsel or the Authorised Representative of applicants and be also supplied to the respondent or its counsel. The Registry is also directed to send copy of this order along with the order dated 7-4-2017 by email to Mr. Alok Yadav, the IRP.
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