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2018 (7) TMI 1689 - AT - Insolvency and BankruptcyCorporate insolvency proceedings - Held that:- There is a dispute about invoices issued by the Operational Creditor, one to the Appellant (Corporate Debtor) and another to one ‘M/s Pebble Bay Developers Pvt. Ltd.’, which is sister concern of the Corporate Debtor, we are of the view that application under Section 9 was not maintainable. For the said reason we set aside the impugned order dated 26th April, 2018 passed by the Adjudicating Authority (National Company Law Tribunal) but we do not remit the case back to the Adjudicating Authority as settlement has been reached between the parties. In effect, order(s) passed by Ld. Adjudicating Authority appointing any ‘Interim Resolution Professional’, declaring moratorium, freezing of account, and all other order(s) passed by Adjudicating Authority pursuant to impugned order and action taken by the ‘Interim Resolution Professional’, including the advertisement published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by Respondent under Section 9 of the I&B Code, 2016 is dismissed. Learned Adjudicating Authority will now close the proceeding. The ‘Corporate Debtor’ 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’, and the ‘Corporate Debtor’ will pay the fees of the Interim Resolution Professional
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