IN THE MATTER OF:

Mr. Rajen Amrit Lal Parikh …. Appellant

Vs

Asset Reconstruction Company (India) Ltd. & Anr. …. Respondents

10.06.2019

Questions that were raised on behalf of the appellant

• That the application under section 7 is barred by limitation Reliance has also been placed on the decision of the Hon’ble Supreme Court in B.K. Educational Services Pvt. Ltd. vs. Parag Gupta & Associated (Civil Appeal No.23988 of 2017).
• The Adjudicating Authority while admitting the application under Section 7 has not appointed any ‘Interim Resolution Professional’.
• The application under Section 7 was not complete.

While appearing on the matter learned counsel submitted that one opportunity should be given to appellant to settle the matter with Respondent (Financial Creditor).

A notice was issued to respondents, which was accepted by them. He submits that ‘Interim Resolution Professional’ has already been appointed. The Counsel for the Appellant has already handed over a copy of the application and Appeal to him. He may file reply affidavit within 15 days. Rejoinder, if any, may be filed within 15 days thereof.

the Interim Resolution Professional will ensure that the company remains going concern and will take assistance of the (suspended) Board of Directors, paid Director and the employees. The person who is authorised to sign the bank cheques may issue cheques only after authorization of the Interim Resolution Professional. The bank accounts of the Corporate Debtor be allowed to be operated for day-to-day functioning of the Company such as for payment of current bills of the suppliers, salaries and wages of the paid Director, the employees’/workmen electricity bills etc.

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