TMI Blog2017 (11) TMI 782X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of section 8 of the I&B Code. In the present case as an advocate/lawyer has given notice and there is nothing on record to suggest that the lawyer has been authorised by ‘Board of Directors’ of the Respondent – ‘DF Deutsche Forfait AG’ and there is nothing on record to suggest that the lawyer hold any position with or in relation with the Respondents, we hold that the notice issued by the lawyer on behalf of the Respondents cannot be treated as a notice under section 8 of the I&B Code and for that the petition under section 9 at the instance of the Respondents against the Appellant was not maintainable. See Uttam Galva Steels Limited v. DF Deutsche Forfait AG & Anr. – Company Appeal (AT) (Insolvency) [2017 (8) TMI 1198 - NATIONAL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ened only on 3rd July, 2017. The appeal was presented on 29th June, 2017 and re-presented on 14th July, 2017. If the period of vacation is excluded, then there is a delay of 11 days. 3. Having heard the learned counsel for the parties and being satisfied, the delay of 11 days is condoned. 4. The main ground taken by the appellant is that the impugned order has been passed by the Adjudicating Authority without taking into consideration the fact that the notice dated 15th January, 2017 under sub-section (1) of Section 8 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the I B Code ) was not issued by the respondent Operational Creditor but through legal firm namely RT Legal, Advocates Consultants. Subse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th a demand of payment, with clear understanding that the Operational Debt (in default) required to pay the debt, as claimed, unconditionally within ten days from the date of receipt of letter failing which the Operational Creditor will initiate a Corporate Insolvency Process in respect of Corporate Debtor , as apparent from last paragraph no. 6 of notice contained in Form 3, and quoted above. Only if such notice in Form-3 is served, the Corporate Debtor will understand the serious consequences of non-payment of Operational Debt , otherwise like any normal pleader notice/Advocate notice, like notice under Section 80 of C.P.C. or for proceeding under Section 433 of the Companies Act 1956, the Corporate Debtor may decide to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Authority appointing any Interim Resolution Professional or declaring moratorium, freezing of account, if any, and all other order (s) passed by Adjudicating Authority pursuant to impugned order and action, if any, taken by the Interim Resolution Professional , including the advertisement, if any, 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 appellant company is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. 9. Learned Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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