TMI Blog2017 (2) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all stakeholders, including alteration in priority of payment of government dues and to establish an Insolvency and Bankruptcy Fund, and matters connected therewith or incidental thereto. An effective legal framework for timely resolution of insolvency and bankruptcy would support development of credit markets and encourage entrepreneurship. The present Petition/Application, (as referred under Section 10(2) and 10(3) of the IBC.2016), which has been filed by the Petitioner, has been complied with all the requirements and thus it is a fit case to admit the Petition/application - application admitted - moratorium declared. - CP(IB) N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed by the Hon'ble Chairman, BIFR. 4. The Learned Chairman of BIFR, vide Order dated 14.07.2016, after examining the material documents and pleadings, including the audited Balance Sheet dated 31.12.2015, filed by the Petitioner Company, was of considered view that the Reference filed by Appellant Company (Petitioner company herein), is worthy of Registration as a sick company, as its Net Worth has been eroded substantially. 5. The Learned Chairman of BIFR, has further passed an Order dated 10.11.2016, by way of summary record of proceedings of the hearing. It is stated therein that the Company was initially incorporated in the State of Tripura on 18.10.2005 and owned a factory located in South Tripura District. The Company had c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g and it required in initiation of Corporate Insolvency Resolution Process in respect of the Company, by this Tribunal and thus filed Company Petition before this Tribunal under Section 10 of IBC, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 9. I have considered the entire material, and heard the arguments of the Learned Counsel for the Petitioner. It is not in dispute that BIFR has given a prima facie finding, that the Company is in default and the Net Worth was drastically eroded. I am also of considered view that the Company is in default and the net worth has drastically eroded and therefore, required adjudication of the Tribunal under the above Section. 10. The Learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... persons, to promote entrepreneurship, availability of credit and balance the interests of all stakeholders, including alteration in priority of payment of government dues and to establish an Insolvency and Bankruptcy Fund, and matters connected therewith or incidental thereto. An effective legal framework for timely resolution of insolvency and bankruptcy would support development of credit markets and encourage entrepreneurship. It would also improve Ease of doing Business, and facilitate more investments leading to higher economic growth and development. 14. I find that the present Petition/Application, (as referred under Section 10(2) and 10(3) of the IBC.2016), which has been filed by the Petitioner, has been complied with all the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dition to other accepted modes of publication, immediately and call for submission of claims as per Section 15 of the IBC read with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. d. I appoint Mr. Devendra Padamchand Jain (Regd No: IBBI/IPA-001/IP-00224/2016-17/1511) as an Interim Resolution Professional. e. Direct the personnel of VNR Infrastructure Limited, to assist and cooperate with Interim Resolution Professional on collecting necessary information and management of the company. f. I direct the Interim Resolution Professional, to constitute a committee of creditors, after collation of all claims received against the corporate debtor and dete ..... X X X X Extracts X X X X X X X X Extracts X X X X
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