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TMI Blog2019 (3) TMI 880X X X X Extracts X X X X X X X X Extracts X X X X ..... enclosed at page 138, we set aside the impugned order dated 17th December, 2018. In effect, order (s) passed by Adjudicating Authority appointing ‘Resolution Professional’, declaring moratorium, freezing of account and all other order (s) passed by Adjudicating Authority pursuant to impugned order and action taken by the ‘Resolution Professional’, including the advertisement published in the n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent - M/s. Sarvottam Rolling Mills (P) Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short, I B Code ) for initiating corporate insolvency resolution process against M/s. Panchsheel Realtech Pvt. Ltd (Corporate Debtor). The application preferred by the Director/Shareholder has been admitted by the Adjudicating Authority (National Company La ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority, being a collective proceeding, is a proceeding in rem. Being a proceeding in rem, it is necessary that the body which is to oversee the resolution process must be consulted before any individual corporate debtor is allowed to settle its claim. A question arises as to what is to happen before a committee of creditors is constituted (as per the timelines that are specified, a committee of cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Professional also accepts that the Committee of Creditors had not been constituted before the parties settled the matter. He further submits that a sum or ₹ 8.37 Lakhs is payable to Mr. Rameshwar Dayal, Resolution Professional towards the fee and the cost incurred. 4. Having heard the learned counsel for the parties and taking into consideration that the parties have settled the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. 6. So far as the fee and cost of Resolution Professional is concerned, we allow ₹ 8.37 lakhs and direct the corporate debtor to pay the amount within two weeks. The appeal is allowed with aforesaid observation and direction. However, in the facts and c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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