TMI Blog2017 (12) TMI 337X X X X Extracts X X X X X X X X Extracts X X X X ..... the initiation of resolution process cannot be upheld. This no other option but to set aside the impugned order. - Company Appeal (AT) (Insolvency) No. 154 of 2017 - - - Dated:- 2-11-2017 - Mr. S.J. Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellant : Mr. Arun Saxena and Ms. Nalini, Advocates ORDER The appellant, Director of Corporate Debtor has preferred this appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the I B Code ) against the order dated 20th June, 2017 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench in C.P. No. 594/I BP/2017 whereby and where under the application preferred by the respondent - Dolphin Offshore Enterprises (M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Operational Creditor is required to deliver the demand notice of unpaid Operational Debt and copy of the invoice demanding payment of the amount involved in the default to the Corporate Debtor in such form and manner as is prescribed. 28. Sub-rule (1) of Rule 5 of the Adjudicating Authority Rules mandates the Operational Creditor to deliver to the Corporate Debtor the demand notice in Form-3 or invoice attached with the notice in Form-4, as quoted below: - Rule 5. (1) An operational creditor shall deliver to the corporate debtor the following documents, namely: - (a) a demand notice in Form 3; or (b) a copy of an invoice attached with a notice in Form 4. 29. Clause (a) and (b) of sub-rule (1) of Rule 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch person can apply. 31. The demand notice/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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the Uttam Galve Steel Ltd. (Supra), we have no other option but to set aside the impugned order. 7. We accordingly set aside the impugned order passed by the Adjudicating Authority, Mumbai Bench in C.P. No. 594/I BP/2017. 8. In effect, order(s) passed by Ld. Adjudicating 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 taken by the Interim Resolution Professional , including the advertisement 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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