9911796707
TMI Blog2017 (11) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... against appellant, Zapp India Ltd. (corporate debtor). The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench by impugned order dated 20th July, 2017 passed in IB No. (IB)-170(ND)/2017 having admitted the application, declaring moratorium and calling for name of Interim Resolution Professional. The present appeal has been preferred by the appellant-corporate debtor against the said order. 2. One of the ground taken by the appellant - corporate debtor is that the Adjudicating Authority before admitting the application under section 9 had not issued any notice to the appellant - corporate debtor and impugned order dated 20th July, 2017 was passed in violation of rules of natural justice. 3. Learned counsel for the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /invoice Demanding Payment under the I & B Code is required to be issued in Form-3 or Form-4. Through the said formats, the '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 Form-3 is served, the 'Corporate Debtor' will understand the serious conse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tition under section 9 at the instance of the Respondents against the Appellant was not maintainable. 8. For the reasons aforesaid, we set aside the impugned order dated 20th July, 2017 passed by the Adjudicating Authority, New Delhi in IB No. (IB)-170(ND)/2017 and allow the appeal. 9. In the result, the appointment of Interim Resolution Professional, order declaring moratorium, freezing of account and all other order (s) passed by the Adjudicating Authority pursuant to impugned order(s) and action taken by the Interim Resolution Professional including the advertisement published in the newspaper calling for applications are declared illegal. The appellant is released from the rigour of law and allow the appellant company to function inde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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