PUNJAB NATIONAL BANK Vs. JAMES HOTELS LTD

JUDGEMENT

(1.) Mr.Aalok Jagga, Advocate for Mr.R.S.Bhatia, Advocate for petitioner. Mr.Yogesh Goel, Advocate for Resolution Professional. Mr.Bharat Bhushan Goel, Ex.CFO, James Hotel. CA No.165/2017 CP (IB) No.15/Chd/CHD/2017 filed by Punjab National Bank/Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 was admitted by this Tribunal on 27.04.2017 and Mr.Navneet Gupta, Chartered Accountant a Registered Insolvency Resolution Professional was appointed as Interim Resolution Professional vide order dated 08.05.2017. Mr.Navneet Gupta, constituted a committee of creditors and in the first meeting of the committee of the creditors held on 29.05.2017, he was appointed as Resolution Professional.

(2.) He had been sending regular progress reports along with the minutes of the meetings of the committee of creditors to the Tribunal from time to time. This application has been filed by the Resolution Professional under Sections 12 and 19 of the Insolvency & Bankruptcy Code, 2016 for extension of time for completion of insolvency resolution process and for issuance of necessary directions to Mr.B.B.Goel, Chief Financial Officer of the Corporate Debtor to sign on the accounts statement at his behest and under his supervision. With regard to the second prayer under Section 19 of the Code, notice to Mr.B.B.Goel, who is present and accepts the notice.

(3.) The advance copy of the application has already been supplied to him. With regard to the other prayer for extension of time for completion of the resolution process, the prayer is based on the resolution of the committee of the creditors in the meeting held on 19.09.2017 as at Annexure A-1 attached with the application. On agenda item No.4.3, the following resolution was passed by the committee of creditors:-