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TMI Blog2018 (10) TMI 1909X X X X Extracts X X X X X X X X Extracts X X X X ..... e 5. The order(s) passed by Adjudicating Authority appointing 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 Interim Resolution Professional , including the advertisement, if any, published in the newspaper calling for applications and all such orders and actions are declared illegal and are set aside. The application preferred by Respondent is dismissed as abated. Appeal disposed off. - Company Appeal (AT) (Insolvency) No.308 of 2018 - - - Dated:- 8-10-2018 - S. J. Mukhopadhaya And Bansi Lal Bhat, JJ. For Appellant: Mr. Krishnendu Dutta, Mr. Priyadarshi Chitanyashil and Ms. Diptim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dy replied to the said notice, in which they have admitted the liability of ₹ 6 Lakhs approximately. 3. Section 9 of the I B Code reads as follows: 9. Application for initiation of corporate insolvency resolution process by operational creditor.- (1) After the expiry of the period of ten days from the date of delivery of the notice or invoice demanding payment under sub-section (1) of section 8, if the operational creditor does not receive payment from the corporate debtor or notice of the dispute under sub-section (2) of section 8, the operational creditor may file an application before the Adjudicating Authority for initiating a corporate insolvency resolution process. (2) The application under sub-section (1) sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the information utility; and (e) there is no disciplinary proceeding pending against any resolution professional proposed under sub-section (4), if any. (ii) reject the application and communicate such decision to the operational creditor and the corporate debtor, if- (a) the application made under sub-section (2) is incomplete; (b) there has been repayment of the unpaid operational debt; (c) the creditor has not delivered the invoice or notice for payment to the corporate debtor; (d) notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility; or (e) any disciplinary proceeding is pending against any proposed resolution professional: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re declared illegal and are set aside. The application preferred by Respondent is dismissed as abated. Learned Adjudicating Authority will close the proceeding. The Corporate Debtor company is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. 6. The Adjudicating Authority will fix the fee of Interim Resolution Professional , if appointed, and the Corporate Debtor will pay the fees of the Interim Resolution Professional, for the period he has functioned. 7. However, order passed by the Adjudicating Authority dated 17th May, 2018 which has been set aside and order passed by this Appellate Tribunal will not come in the way of the Respondent to file app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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