IN RE Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Application under Section 7 of the Insolvency and Bankruptcy Code. 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority ) Ruies, 2016 to inftiate corporate insolvency resolution process in the matter of M/s. James Hotels Lid. Present; Mr. R.S. Bhatia, Advocate & Mr. Navneet Gupta, CA, proposed Interim Resolutfon Professional for petitioner / Financiaf Creditor Mr, Anand Chhibbar, Sr. Advocate with Mr.Nitish K.Vasudeva, Advocate for Corporate Debtor. R.P.Nagrath J., Member (Judicial) (Oral) : This petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 was admitted by us vm detailed order dated 27.04.2017 declaring moratorium as per directions contained in paragraph 39 of the said order. The matter was freed for today for passing of formal order of appointment of the Interim Resolution Professional. It was observed in the order dated 27.04.2017 that under Section 16 of the Code, the Adjudicating Authority is to appoint Interim Insolvency Resolution Professional within 14 days of the insolvency commencement date which is 27,04.2017 in this case.

(2.) Initially the applicant-bank had proposed the name of Mr. Vivek Goyal, CA registered wrth IBBI to be appointed as \RP, but he having been appointed TRP In another case after the institution of this petition, the petitioner-bank filed fresh written communication in Form No. 2 by Mr. Navneet Gupta, CA, having Regn. No.lBBi/lPA-01/lP-00453/2016-17/2006, resident of House No.1593, LeveM, Sector 22-B, Chandigarh - 160022 who has slated that his Mobile No. is 9&14333213 and email ID navQuptaca@gmail.com, It ws observed in the order dated 27.4.2017 that this nomination is found to be complete all respects.

(3.) We, therefore, issue the following directions: