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2019 (6) TMI 638 - AT - Insolvency and BankruptcyAdmission of application - Section 9 of the Insolvency and Bankruptcy Code, 2016 - the total amount has been paid to the ‘Operational Creditor’ and the ‘Committee of Creditors’ has not yet been constituted - HELD THAT:- The order (s), passed by the Adjudicating Authority appointing ‘Interim Resolution Professional’, declaring moratorium, freezing of account, and all other order (s) passed by the Adjudicating Authority pursuant to impugned order and action, if any, 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’ is dismissed. Learned Adjudicating Authority will now 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 with immediate effect. Appeal allowed - decided in favor of appellant.
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