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TMI Blog2017 (5) TMI 1724X X X X Extracts X X X X X X X X Extracts X X X X ..... r calling for applications are declared illegal. The Adjudicating Authority is directed to close the proceeding. The appellant is released from the rigour of law and allow the appellant company to function independently through its Board of Directors with immediately effect. Appeal disposed off. - Company Appeal N0.52 Of 2017 - - - Dated:- 26-5-2017 - Justice S.J. Mukhopadhaya (Chairperson) And Mr. Balvinder Singh (Member (Technical) Mr. Ayush Beotra, Advocate for the appellant. Mr. R.K. Gupta, Advocate for the Respodnent. Order This appeal has been preferred by the appellant corporate debtor M/S Kaliber Associates Pvt Ltd (hereinafter referred to as 'Corporate Debtor') against the order dated 26th April, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Principles of rules of natural justice while passing an order under I B Code, 2016. Further, as Section 424 mandates the Tribunal and Appellate Tribunal, to dispose of cases or/ appeal before it subject to other provisions of the Companies Act, 2013 or MB Code 2016 such as, Section 420 of the Companies Act, 2013 was applicable and to be followed by the Adjudicating Authority. Learned counsel appearing on behalf of the appellant further contended that the appellant is a solvent company and in a position to pay the dues. Since financial dealings was entered into in the year 2012 a sum of ₹ 50 lacs out of ₹ 1.5 crores has been repaid to the respondent, financial creditor. However, in the year 2016 some disagreements arose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of natural justice and against the decision of the Appellate Tribunal in Innoventive Industries Ltd case, no other option is left except to set aside the impugned order dated 26th April, 2017. In the result, the appointment of Interim Resolution Professional, order declaring moratorium, freezing of account and all other order 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 are declared illegal. The Adjudicating Authority is directed to close the proceeding. The appellant is released from the rigour of law and allow the appellant company to function independently through its Board of Direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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