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Judgment
ORDER
Per: Shyam Babu Gautam, Member (Technical)
The present application is filed by the Applicant original Operational Creditor in the Company Petition 274 of 2017 for appointment of Interim Resolution Professional (IRP). The Tribunal vide its Order 10.01.2018 admitted the Company Petition and Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was initiated. Since the initiation of the CIRP, IRP in respect of the Corporate Debtor was not appointed. Since there was no appointment of the IRP, the Operational Creditor herein filed another Company Petition 1352 of 2019. Further, on 24.03.2022 this Tribunal after hearing the matter disposed of the said CP 1352 of 2019 as infructuous on 24.03.2022 and directed the Operational Creditor to file an appropriate Application for appointment of an IRP. Hence this Application. The Applicant herein has proposed name of Ms. Poonam Basak, Insolvency Resolution Professional as the IRP of the Corporate Debtor.
ORDER
Having considered the submissions of the counsel appearing for the Applicant and oral submissions of the Corporate Debtor it is seen that Company Petition had already been admitted vide Order dated 10.01.2018 and only appointment of IRP was pending hence, this Bench is of the considered view that for early resolution of the Corporate Debtor and to expedite the CIRP in a time bound manner, this Bench hereby appoints the proposed IRP Ms. Poonam Basak, bearing registration No. IBBI/IPA-001-IP-P01234/2018-2019/11957, email :- [email protected], having address at : 904, 23-D, Pallazio, CHS, Powai, Mumbai – 400076 as the IRP of the Corporate Debtor to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016.
The Operational Creditor shall deposit an amount of Rs. Two Lakhs towards the initial CIRP cost by way of Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order.
During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP.
The Registry is hereby directed to communicate this order to both the parties and to IRP immediately.
With the aforesaid observation the present IA No. 1260 of 2022 In C.P (IB) No. 274/MB/C-II/2017 is allowed and stands disposed of.