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TMI Blog2019 (4) TMI 1909X X X X Extracts X X X X X X X X Extracts X X X X ..... d finality and implemented on 20th February, 2019 - HELD THAT:- The present case is covered by the decision of Honble Supreme Court in Swiss Ribbons Pvt. Ltd. Anr. Vs. Union of India Ors. [ 2019 (1) TMI 1508 - SUPREME COURT ] and the Adjudicating Authority should have exercised its inherent power and closed the application under Section 7. Mr. Arvind Sinha, Advocate wants to file an intervention a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : Mr. Sabhya Chaudhary, Advocate for RP. Mr. Arvind Sinha, Mr. Asif Ahmed, Ms. Renu Khanna, Mr. Jitender Choudhary and Mr. Bijendra Singh, Advocates for Intervener. JUDGMENT This appeal has been preferred by the Appellant Sunil Tandon, shareholder of M/s Radhey Sham Tandon (MFG) Pvt. Ltd. against order dated 13th March, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Time Settlement has been reached with the Financial Creditor which has been communicated by its letter dated 3rd January, 2019 and accepted by the Corporate Debtor on 10th December, 2018 which is much prior to the constitution of the Committee of Creditors, which was constituted on 1st March, 2019. It is submitted that it is in this background , the Appellant moved before the Adjudicating Author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icating Authority should have exercised its inherent power and closed the application under Section 7. 5. Mr. Sabhya Chaudhary, learned counsel appearing on behalf of the Resolution Professional submits that the Committee of Creditors was constituted on 1st March, 2019. However, we have noticed the aforesaid fact in the preceding paragraph. Learned counsel for Respondent Financial Creditor submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Adjudicating Authority appointing Resolution Professional, declaring moratorium, freezing of account, and all other order(s) passed pursuant to impugned order and action taken by the Resolution Professional, including the advertisement published in the newspaper calling for applications and actions are declared illegal and are set aside. The Corporate Debtor is released from the rigour of la ..... X X X X Extracts X X X X X X X X Extracts X X X X
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