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TMI Blog2017 (10) TMI 1436X X X X Extracts X X X X X X X X Extracts X X X X ..... nct from notice to be given by operational creditor in terms of section 8 of the I&B Code. See UTTAM GALVA STEELS LIMITED VERSUS DF DEUTSCHE FORFAIT AG & ANT. [2017 (8) TMI 1198 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI]. 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 taken by the ‘Interim Resolution Professional’, including the advertisement published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by Respondent under Section 9 of the I&B Code, 2016 is dismissed. - Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d held as follows : 27. From a plain reading of sub-section (1) of Section 8, it is clear that on occurrence of default, the Operational Creditor is required to deliver the demand notice of unpaid Operational Debt and copy of the invoice demanding payment of the amount involved in the default to the Corporate Debtor in such form and manner as is prescribed. 28. Sub-rule (1) of Rule 5 of the Adjudicating Authority Rules mandates the Operational Creditor to deliver to the Corporate Debtor the demand notice in Form-3 or invoice attached with the notice in Form-4, as quoted below: - Rule 5. (1) An operational creditor shall deliver to the corporate debtor the following documents, namely: - (a) a demand notice in Form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... meaning thereby the person authorised by Operational 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d action taken by the Interim Resolution Professional , including the advertisement published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by Respondent under Section 9 of the I B Code, 2016 is dismissed. Learned Adjudicating Authority will now close the proceeding. The appellant company is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. 7. Learned Adjudicating Authority will fix the fee of Interim Resolution Professional , if appointed, and the Respondents will pay the fees of the Interim Resolution Professional, for the period he has functioned. The appeal is all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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