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2017 (11) TMI 699 - AT - Companies LawAdjudicating Authority appointing any 'Interim Resolution Professional' or declaring moratorium, freezing the account - condonation of delay - Held that:- Order(s), if any, passed by learned Adjudicating Authority appointing any 'Interim Resolution Professional' or declaring moratorium, freezing the account and all other order(s) passed by Adjudicating Authority pursuant to impugned order dated 28th April, 2017 and action, if any, taken by the 'Interim Resolution Professional', including the advertisement, if any, published in the newspaper calling for applications etc. and all such orders and actions are declared illegal and are set aside. The application preferred by the respondent under Section 9 of the I&B Code, 2016 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. Learned Adjudicating Authority will fix the fee of 'Interim Resolution Professional', if appointed, and the appellant will pay the fees of the 'Interim Resolution Professional', for the period he has functioned as per their settlements. The appeal is allowed with the aforesaid observations and directions.
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