2017 (11) TMI 926

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..... llants-'Corporate Debtor' against order dated 6th July, 2017 passed by the learned Adjudicating Authority (National Company Law Tribunal), Mumbai Bench (hereinafter referred to as 'Adjudicating Authority') in C.P. No. 1112/I & BP/2017, whereby and whereunder the application preferred by the respondent-'Operational Creditor' under Section 9 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as 'I & B Code') for initiation of 'corporate insolvency resolution process' against the appellants has been admitted, Moratorium has been declared, name of the Interim Resolution Professional called for and order passed in terms of the I & B Code. 2. Learned counsel for the appellants submitted tha .....

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..... 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 inform - 3, and quoted above. Only if such notice in Form-3 or Form-4 is served, the 'Corporate Debtor' will understand the serious consequences of non-payment of 'Operational Debt', otherwise like any normal pleader notice/Advocate notice or like notice under Section 80 of C.P.C. or notice for initiation of proceeding under Section 433 of the Companies Act 1956, the 'Corporate Debtor' may decide to contest the suit/case if filed, as distinct Corporate Resolution Process, where such claim otherwise cannot b .....

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..... ns are declared illegal and are set aside. The application preferred by the parties under Section 9 of the I & B Code 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. 7. Learned Adjudicating Authority will fix the fee of 'Interim Resolution Professional', if appointed, and the respondent will pay the fees of the Interim Resolution Professional, for the period he has functioned. The appeal is allowed with aforesaid observations and directions. However, in the facts and circumstances of the case, there shall be no order as to cost.
Case laws, Decisio .....

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