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TMI Blog2019 (1) TMI 1678X X X X Extracts X X X X X X X X Extracts X X X X ..... ent do not want to proceed with the matter and wants to withdraw the application and in view of the fact that the Adjudicating Authority failed to consider the question of default as was raised by the Corporate Debtor , the impugned order dated 10th January, 2019 is set aside and application under Section 7 dismissed as withdrawn - appeal allowed. - Company Appeal (AT) (Insolvency) No. 52 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... moratorium has been passed and the interim resolution professional has been appointed. 2. Learned counsel for the appellant submitted that the Adjudicating Authority failed to notice the contract between the parties and if it would have gone through it, then it was evident that there was no default in payment of debt . It is also informed that the parties have already settled the cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... follows: 52. It is clear that once the Code gets triggered by admission of a creditor s petition under Sections 7 to 9, the proceeding that is before the Adjudicating Authority, 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 debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the Committee of Creditors, and argued that the respondent do not want to proceed with the matter and wants to withdraw the application and in view of the fact that the Adjudicating Authority failed to consider the question of default as was raised by the Corporate Debtor , we set aside the impugned order dated 10th January, 2019 and dismiss the application under Section 7 as withdrawn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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