TMI Blog2017 (11) TMI 943X X X X Extracts X X X X X X X X Extracts X X X X ..... reated as a notice under section 8 of the I&B Code. For the said reason, the petition under section 9 at the instance of the Respondent against the Appellant was not maintainable. In view of the fact that notice under sub-section (1) of Section 8 was issued by an advocate and not by the Respondent and that the appellant was not given a proper opportunity by the Adjudicating Authority before passing of the impugned order and the impugned order was passed in violation of the rules of natural justice, the impugned order cannot be upheld. 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( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reated to be an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I B Code), but no notice was issued under Section 8 of the I B Code. Further it is pleaded that there is an 'existence of dispute'. Let notice be issued on the respondent by Speed Post. Requisite along with process fees, if not filed, be filed by tomorrow i.e. 26th July, 2017. If the appellant provides e-mail address of the respondent, let notice be also issued through e-mail. Post the matter on 8th August, 2017. 3. On notice, the respondent has appeared. Learned counsel for the respondent - the operational creditor submits that notice under sub-section (1) of section 8 was issued on the appellant - corporate debtor on 17th Mar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 contest the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned counsel appearing on behalf of the respondent - operational creditor brings to the notice of this Appellate Tribunal, an order dated 20th April 2017 passed by the Adjudicating Authority in CP No.16/2017 to suggest that the respondent - operational creditor issued a notice to the appellant. From the said order, we find that for giving another opportunity on 26th April, 2017 notice was issued by speed post as well as by e-mail but no such notice was issued by the Adjudicating Authority but was issued by the respondent - operational creditor. 8. In M/s. Innoventive Industries Ltd. vs. ICICI Bank Anr. , [Company Appeal (AT) (Insolvency) No. 1 2 of 2017], this Appellate Tribunal held that limited notice is required to be given by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the newspaper calling for applications are declared illegal. The appellant is released from the rigour of law and allow the appellant company to function independently through its Board of Directors with immediate effect. 11. Learned Adjudicating Authority will now determine the fee of Interim Resolution Professional and the appellant will pay the fees of the Interim Resolution Professional for the period he has worked. 12. At this stage, learned counsel for the appellant submits that appellant, corporate debtor intends to settle the dispute with the respondent, operational creditor. The Appellant may do so, to ensure that no subsequent step is taken by the operational creditor. The appeal is allowed with aforesaid observation. No ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
