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TMI Blog2019 (8) TMI 1486X X X X Extracts X X X X X X X X Extracts X X X X ..... Pankaj Jain, Adv. ORDER CHIEF JUSTICE M.M. KUMAR, PRESIDENT - 1. The proceedings in the present petition have been revived in view of the order, dated 23.04.2019, passed by the Hon'ble Appellate Tribunal in Company Appeal (AT) (Insolvency) No. 592 of 2018. The petition has been filed on the pro forma prescribed by Adjudicating Authority Rules. In part IV of Form-1 the details of financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 12.07.2019. 3. Learned Counsel for the petitioner has argued that all requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution Process stand fulfilled and accordingly the present petition deserves admission. 4. Having heard the learned counsel for the Financial Creditor and having perused the paper book with his able assistance we find that the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PA-002/IP-N00130/2017-18/10546 and address A 1404, The Resort, Sector 75, Faridabad, Haryana - 121004 as named by the financial creditor is appointed as IRP. He has filed his written communication, dated 14.05.2019 [Annexure- 2 with CA-1139(PB)/2019] under Rule 9 of the Adjudicating Authority Rules, 2016. 7. We also declare moratorium in terms of Section 14 of the Code. It is made clear that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rect the Financial Creditor to deposit a sum of Rs. 1 lac with the Interim Resolution Professional namely Mr. Gyaneshwar Sahai to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penal interest compounded monthly has been charged. We have no mechanism of rectification of claims made. However, the RPs ordinarily have professionals & experts at their disposal and in case the ex-management raises any such issue then the RP must get it settled in order to avoid any injustice to the corporate debtor. 12. The office is directed to communicate a copy of the order to the Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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