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TMI Blog2017 (11) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... is mandatory on the ‘adjudicating authority’ to issue notice to the Respondent Corporate Debtor, in addition to the statutory notices provided under the Code and Rules. In the present case neither the Respondent Corporate debtor has appeared nor has a limited notice as stated above been issued by this Tribunal to the respondent corporate debtor in the line of precedent laid down by the Hon’ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules ) with a prayer for initiation of Corporate Insolvency resolution process in respect of Respondent corporate debtor. 2. It is seen from the records that the matter came up for hearing for the first time on 19.09.2017, when adjournment was granted on the ground that the date of hearing mentioned in the notice to the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cy resolution process can and may have adverse consequences on the welfare of the company. This make it imperative for the adjudicating authority to adopt a cautious approach in admitting insolvency application and also ensuring adherence to the principles of natural justice. 5. In Innovative Industries Ltd. v. ICICI Bank [Company Appeal (AT) (Insolvency) Nos. 1 2 of 2017] Hon ble Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 1-6-2017], as the Adjudicating authority had not given any notice to the Corporate Debtor, prior to admitting the application under the 1 B Code, the admission order was set aside having been passed in violation of rules of natural justice. It was further held therein that although the Code has no specific provision to provide hearing to corporate debtor in a petition under Sections 7 9, b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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