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2018 (2) TMI 38 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - whether petition is premature - Held that:- A perusal of letter dated 13.06.2017 issued by Reserve Bank of India have given period to resolve “within” six months. The resolution plan proposed at the meeting of the Joint Lender Forum stand rejected on 15.11.2017 and the present petition has been filed on 20.11.2017. In any case the period of six months as on today has expired. There is no approved proposal by any acceptable lender forum to suggest that resolution of stressed assets is possible. The possibility of resolution under the Insolvency and Bankruptcy Code widened up as a large number of players may apply with much more ambitious and varieties of resolution plans. It brings to fore the various shades of interplay of market forces. Therefore, it is not possible to accept the aforesaid argument that the petition is in any way premature. Even otherwise there is no bar created by the Insolvency and Bankruptcy Code to proceed with adjudication of such petition merely because some process is pending at the Joint Lender Forum Another objection in respect of choice of the Interim Resolution Professional in view of the replacement of the Interim Resolution Professional the argument advanced by Mr. Chaudhary, learned Senior counsel would also not require any further consideration and we accept the appointment of Mr. Navneet Kumar Gupta to act as Interim Resolution Professional. As a sequel to the above discussion, this petition is admitted and Mr. Navneet Kumar Gupta, 520, 5th Floor, Caddie Commercial Tower, Aerocity, New Delhi-110037 is appointed as an Interim Resolution Professional.
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