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2018 (10) TMI 776 - AT - Insolvency and BankruptcyCorporate insolvency process - no demand notice given to the corporate debtor - Appellant enclosing terms of settlement which shows that the amount payable to the Respondent has been paid by draft dated 27th August, 2018 - Held that:- The impugned order passed by the Adjudicating Authority without taking into consideration the evidence that the demand notice under Section 8(1) was never served on the Corporate Debtor, we set aside the impugned order dated 14th June, 2018. The case is not remitted parties have settled the claim. In effect, order(s) passed by the Adjudicating Authority appointing ‘Resolution Professional’, declaring moratorium, freezing of account, and all other order(s) passed pursuant to impugned order and action taken by the ‘Resolution Professional’, including the advertisement published in the newspaper calling for applications 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. The ‘Corporate Debtor’ is released from the rigours of law and is allowed to function independently through its Board of Directors from immediate effect.
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