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TMI Blog2017 (12) TMI 398X X X X Extracts X X X X X X X X Extracts X X X X ..... arrated above, we hold that notice under sub-section(1) of Section 8 in form 3 was incomplete and the application under Section 9 was not maintainable. For the reasons aforesaid, we set aside the order dated 24th August, 2017 passed in C.P. No. (IB)- 211(ND)/2017. In effect, order(s), if any, passed by Ld. Adjudicating Authority appointing any 'Interim Resolution Professional' or 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 - Company Appeal (AT) (Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated 24th August, 2017. 4. Learned counsel for the appellant submits that the Corporate Debtor issued cheques in favour of the Operational Creditor but they bounced; thereafter after negotiation the admitted dues has been paid to a third party as per wish and intimation given by the Operation Creditor. The amount has been paid by R.T.G.S. However, aforesaid plea taken by appellant is disputed by the learned counsel for the respondent (Operational Creditor). According to him no meeting was held and therefore the question of payment of debt to third party does not arise. 5. Learned counsel for the appellant next contended that the notice under sub-section (1) of Section 8 was issued by the Operational Creditor in Form 3 was incomple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in tabular form enclosed with the notice demonstrating the working for computation of default; although the Enclosure has been referred in the averments of Notice in 2nd Para, 2nd Row and 3rd Column of notice. further in devoid of said enclosure it is incomprehensible on what basis M Y Agro has computed the amount of alleged debt. 10. In the said letter it is also mentioned that against the head 'Computation of Claim is Baseless' as there is no debt due from the Corporate Debtor in terms of the settlement and consequential there is no default, relevant portion of which is quoted below: III. Computation of Claim Baseless That M Y Agro has computed the Claim adding along with the alleged Outstanding Debt an interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... From the statement made by the 'Operational Creditor' it is clear that the demand notice issued to the Corporate Debtor at its registered office and to the Director(s) were returned unserved. Notices were served only to the Company Secretary and to one ex-Director, Mr. Shyam Poddar. Though such specific statement has been made by the Operational Creditor in the application under Section 9, the Adjudicating Authority ignoring the same and without verifying the other facts admitted the case. 14. In view of the plea taken by the appellant and the facts as narrated above, we hold that notice under sub-section(1) of Section 8 in form 3 was incomplete and the application under Section 9 was not maintainable. For the reasons aforesaid, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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