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2018 (1) TMI 65 - AT - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Held that:- In the present case, as we find that there is no illegality or infirmity committed by Adjudicating Authority in admitting the application under Section 7 of the I&B Code’, we find no ground to interfere with the impugned order. For the said reasons also this Appellate Tribunal has no jurisdiction to accept the settlement reached between the parties to annul the impugned order, though it is open to the Appellants to move before a court of competent jurisdiction for appropriate relief. As during the ‘Resolution Process’, the ‘Resolution Professional’ is required to ensure that the Company remains on-going and if so necessary, he may take assistance of the (suspended) Board of Directors. The authorised person of the ‘Corporate Debtor’, who is authorised to sign the bank cheques may issue cheque only after authorisation of the ‘Resolution Professional’. The bank account(s) of the ‘Corporate Debtor(s)’ can be allowed to be operated for day-to-day functioning of the companies and its projects and for payment of current bills of the suppliers, salaries and wages of the officers, employees’/workmen, electricity and water bills, etc.
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