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2017 (10) TMI 569 - AT - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Whether it is mandatory for a 'Financial Creditor' to propose the name of 'Interim Resolution Professional' in an application under section 7 of the 'I&B Code'? - Held that:- While we uphold the decision of the Adjudicating Authority that proposal of name of 'Interim Resolution Professional' in terms of clause (b) of sub-section (3) of Section 7 is mandatory, but in the facts and circumstances of the case, as the name of 'Interim Resolution Professional' has already been proposed by the Appellant-'Financial Creditor', the impugned order dated 22nd June, 2017 cannot be upheld. Further, we are of the view that if the application filed by 'Financial' Creditor' or 'Corporate Applicant' is defective in absence of name of an 'Interim Resolution Professional', then in such case in terms of proviso to Section 7 and Section 10, the Adjudicating Authority is required to give a notice to the applicant to rectify the defect within seven days of the receipt of such notice.
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