9911796707
TMI Blog2017 (12) TMI 1772X X X X Extracts X X X X X X X X Extracts X X X X ..... s circumstances, we have no other option but to set aside the impugned order dated 28th July, 2017 passed by the National Company Law Tribunal, Chennai Bench, Chennai and declare that the application preferred by the Respondent under Section 433 of the Companies Act, 1956 stands abated. The order (s) passed by Ld. Adjudicating Authority appointing any Interim Resolution Professional declaring moratorium, freezing of account and all other order (s) passed by Adjudicating Authority pursuant to impugned order and action, if any, taken by the 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. The application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code the respondent has not complied with the provisions of the I B Code as no notice under sub-section (1) of Section 8 of the I B Code was issued in Form 3 or 4 and the application has been admitted though there is existence of a dispute. 3. Learned counsel appearing on behalf of the respondent (operational creditor) submits that there is no dispute in existence and in fact part of the payment was made when the matter was pending before the Hon ble High Court. However, he accepts that no notice was issued under sub-section (1) of section 8 in Form 3 or Form 4 and the application has been admitted. 4. Similar issue fell for consideration before this Appellate Tribunal in M/s Sabari Inn Pvt Ltd Vs Rameesh Associates Pvt Ltd, Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under sections 7, 8 or 9 of the Code, as the case may be, and dealt with in accordance with Part II of the Code. Provided that the petitioner shall submit all information, other than information forming part of the records transferred in accordance with Rule 7, required for admission of the petition under sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal within sixty days from date of this notification, failing which the petition shall abate. 2. All cases where opinion has been forwarded by Board for Industrial and Financial Reconstruction, for winding up of a company to a High Court and where no appeal is pending, the proceedings for winding up initiated u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng details are to be provided:- Part I- particulars of applicant. Part II- particulars of corporate debtor. Part III- particulars of the proposed interim resolution Professional (if proposed) Part IV-particulars of operational debt. Part V- particulars of operational debt (documents, records and evidence of default) As per the instructions, the following documents are required to be attached: Annex I Copy of the invoice/demand notice as in Form 3 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 served on the Corporate Debtor. Annex II. Copies of all documents referred to in this application. Annex III Copy of the relevant accoutns from the banks/financial institutions maintain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... declared illegal and are set aside. The application preferred by Respondent 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. The Adjudicating Authority will fix the fee of Interim Resolution Professional , and the appellant will pay the fees of the Resolution Professional , for the period he has functioned. The appeal is allowed with aforesaid observation and direction. However, in the facts and circumstances of the case, there shall be no order as to cost. 8. However, this order will not come in the way of the respondent, operational creditor, to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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