MECHANO ENGINEERING WORKS Vs. PROPEL VALVES PRIVATE LIMITED

JUDGEMENT

(1.) This order is in continuation of the order dated 11.08.2017 wherein and whereby this Adjudicating Authority declared moratorium and ordered for initiating the Corporate Insolvency Resolution process against Propel Valves Private Limited (in short, 'Respondent/Corporate Debtor') under the provisions of the Insolvency and Bankruptcy Code 2016 (hi short, 'IB Code 2016').

(2.) Before proceeding with the matter, it is pertinent to mention herein that this Adjudicating Authority appointed Mr. S. Rajendran as Interim Resolution Professional (IRP) vide its order dated 11.08.2016.

(3.) Mr. S. Rajendran, the learned IRP has submitted a Report dated 10.10.2017 wherein it has been stated that the first meeting of the Committee of Creditors (CoC) was held on 26.09.2017 which constituted the only Financial Creditor i.e. SBI-SME Branch, Rajaji Salai, Chennai and copy of the minutes of the meeting of CoC is annexed as Annexure-1 of the Report.