Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Home Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles News Highlights
Extracts
Home List
← Previous Next →

Shyam Industries Ltd. Versus R.L. Steel Energy Ltd.

2017 (11) TMI 782 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

Corporate insolvency procedure - ‘Advocate/Lawyer’ or ‘Chartered Accountant’ or ‘Company Secretary’ eligibility to issue notice under Section 8 of the I&B Code - Held that:- In view of provisions of I&B Code, read with Rules, as referred to above, we hold that an ‘Advocate/Lawyer’ or ‘Chartered Accountant’ or ‘Company Secretary’ in absence of any authority of the Board of Directors, and holding no position with or in relation to the Operational Creditor cannot issue any notice under Section 8 of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] - In effect, order(s), if any, passed by Ld. Adjudicating Authority appointing any ‘ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eal (AT) (Insolvency) No. 111 of 2017 - Dated:- 6-10-2017 - Mr. A.I.S. Cheema And Mr. Balvinder Singh, JJ. For The Appellant : Ms. Akanksha Jain and Ms. Sayli Petiwale, Advocates For The Respondent : Shri Rohit Rathi and Shri Rameshwar Totala, Advocates ORDER This appeal has been preferred by the appellant against the order dated 24th May, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad in C.P. (I.B.) No. 20/9/NCLT/AHM/2017. The appeal has be .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e 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 - Operatio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rned counsel for the respondent. 6. Similar issue was considered by the Appellate Tribunal in Uttam Galva Steels Limited v. DF Deutsche Forfait AG & Anr. - Company Appeal (AT) (Insolvency) 39 of 2017, wherein by an order dated 28th July, 2017, the Appellate Tribunal held as follows : 30. From bare perusal of Form-3 and Form-4, read with sub-rule (1) of Rule 5 and Section 8 of the I&B Code, it is clear that an Operational Creditor can apply himself or through a person authorised to act on .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e Corporate Debtor is to be informed of particulars of Operational Debt , with 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 Fo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

under Section 8. 32. In view of provisions of I&B Code, read with Rules, as referred to above, we hold that an Advocate/Lawyer or Chartered Accountant or Company Secretary in absence of any authority of the Board of Directors, and holding no position with or in relation to the Operational Creditor cannot issue any notice under Section 8 of the I&B Code, which otherwise is a lawyer s notice as distinct from notice to be given by operational creditor in terms of section 8 of the I&B C .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Forum
what is new what is new
  ↓     bird's eye view     ↓  


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version