IDBI CAPITAL MARKETS & SECURITIES LTD (FORMERLY KNOWN AS IDBI CAPITAL MARKET SERVICES LTD ) Vs. SURANA INDUSTRIES LTD

JUDGEMENT

(1.) This relates to TCP/95/IB/CB/2017, wherein on 02.01.2018, the Application filed under Section 9 of the I&B Code, 2016 has been admitted. But, the name of the Interim Resolution Professional (IRP) was not proposed by the Operational Creditor. Therefore, vide Order dated 02.01.2018, a direction was given to the Registry to make a reference to the IBBI to recommend the name of the IRP in the matter. But, in the meantime, the IBBI has provided a revised Panel of 'Insolvency Professionals' (IPs) .

(2.) Therefore, Mr. Ramakrishnan Sadasivan one of the IPs as recommended by the IBBI is hereby appointed as IRP in the matter for a tenure of 30 days from the date of this order. He is directed to cause public announcement as per Section 15 of the Insolvency and Bankruptcy Code, 2016 (I&B Code, 2016) and to make compliance with the provisions of Sections 13(2) , 15, 17 and 18 of the I&B Code, 2016. Further, the Corporate Debtor and its promoters or any other person associated with the management of the Corporate Debtor are/is directed to assist and cooperate with the IRP as stipulated under Section 19 of the I&B Code, 2016.

(3.) The Registry is directed to inform the IRP to make public announcement within three days from the date the copy of the Order is received and take over the charge of the management/ asset of the Corporate with immediate effect. This shall form part of the order dated 02.01.2018.