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TMI Blog2020 (1) TMI 1330X X X X Extracts X X X X X X X X Extracts X X X X ..... th the 2nd Respondent much prior to the constitution of the Committee of Creditors and two demand drafts have also been handed over on 9th January, 2020 and the Interim Resolution Professional also accepted that the Committee of Creditors was not constituted by that date and the Application under Rule 11 of the NCLT Rules, 2016 has been moved, it is held that the Adjudicating Authority without disposing of the Application filed under Rule 11 of the NCLT Rules, 2016 has no jurisdiction to defer the matter and direct the Interim Resolution Professional to constitute the Committee of Creditors to render Application filed under Rule 11 as infructuous - If the Adjudicating Authority (National Company Law Tribunal) is of the view that the Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Creditor' much prior to the constitution of the 'Committee of Creditors' and more than the amount claimed has been paid by two Demand Drafts handed over to the Advocate on record of the 'Operational Creditor' on 9th January, 2020. 3. The 'Operational Creditor' also moved an Application for withdrawal under Rule 11 of the NCLT Rules, 2016 on the same date i.e. on 9th January, 2020, but no order was passed and it was adjourned for 3rd March, 2020. The Adjudicating Authority directed the 'Interim Resolution Professional' to constitute the 'Committee of Creditors' within a week. It is submitted that such direction itself made application under Rule 11 infructuous so that the parties cannot settle which is against the decision of the Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the 2nd Respondent - ('M/s. Tirupati Timber & Packaging Limited' - 'Operational Creditor') much prior to the constitution of the 'Committee of Creditors' and two demand drafts have also been handed over on 9th January, 2020 and the 'Interim Resolution Professional' also accepted that the 'Committee of Creditors' was not constituted by that date and the Application under Rule 11 of the NCLT Rules, 2016 has been moved, we hold that the Adjudicating Authority without disposing of the Application filed under Rule 11 of the NCLT Rules, 2016 has no jurisdiction to defer the matter and direct the 'Interim Resolution Professional' to constitute the 'Committee of Creditors' to render Application filed under Rule 11 as infructuous. If the Adjudicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority appointing 'Interim Resolution Professional', declaring moratorium and all other order (s) passed by Adjudicating Authority pursuant to the impugned order and action taken by the 'Resolution Professional' are set aside. The Application preferred by the Respondent under Section 9 of the 'I&B Code' is disposed of as withdrawn. The Adjudicating Authority will now close the proceeding. The Respondent Company is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. 14. The impugned order dated 18th December, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata and the present order passed by this Appellate Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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