9911796707
TMI Blog2017 (11) TMI 782X X X X Extracts X X X X X X X X Extracts X X X X ..... 017. The appeal has been preferred beyond the prescribed period of 30 days from the date of receipt of the order, and, therefore, the application for condonation of delay has been filed. 2. Learned counsel for the appellant submits that the appeal was required to be filed on 23rd June, 2017 but the Appellate Tribunal was closed during the summer vacations and opened only on 3rd July, 2017. The appeal was presented on 29th June, 2017 and re-presented on 14th July, 2017. If the period of vacation is excluded, then there is a delay of 11 days. 3. Having heard the learned counsel for the parties and being satisfied, the delay of 11 days' is condoned. 4. The main ground taken by the appellant is that the impugned order has been passed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rational Creditor must hold position with or in relation to the Operational Creditor and only such person can apply. 31. The demand notice/invoice Demanding Payment under the I&B Code is required to be issued in Form-3 or Form - 4. Through the said formats, the 'Corporate Debtor' is to be informed of particulars of 'Operational Debt', with a demand of payment, with clear understanding that the 'Operational Debt' (in default) required to pay the debt, as claimed, unconditionally within ten days from the date of receipt of letter failing which the 'Operational Creditor' will initiate a Corporate Insolvency Process in respect of 'Corporate Debtor', as apparent from last paragraph no. 6 of notice contained in Form - 3, and quoted above. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and for that the petition under section 9 at the instance of the Respondents against the Appellant was not maintainable." 7. In view of the aforesaid findings in the case of Uttam Galva Steels Limited (Supra), there is no option but to set aside the impugned order. 8. In effect, order(s), if any, passed by Ld. Adjudicating Authority appointing any 'Interim Resolution Professional' or declaring moratorium, freezing of account, if any, and all other order (s) passed by Adjudicating Authority pursuant to impugned order and action, if any, taken by the 'Interim Resolution Professional', including the advertisement, if any, published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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