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TMI Blog2018 (8) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... er (Judicial) For The Appellant : Ms. Charu Sanswan, Mr. Himanshu Dubey and Mr. Namit Suri, Advocates. Mr. Jansid and Mr. Ritesh Kumar Tiwari, Company Secretary. For The Respondents : Mr. Akshay Ringe, Advocate ORDER The Respondent- 'Batliboi Impex Limited'- ('Operational Creditor') filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ited V/s. ICICI Bank- Company Appeals (AT) (Insolvency) Nos. 1 & 2 of 2017" as affirmed by the Hon'ble Supreme Court. ii. If the hearing would have been given, the 'Corporate Debtor' could have pointed out the grounds for rejection and in case of non-acceptance, the 'Corporate Debtor' could have settled the dispute. 3. It is further submitted that the parties have already reached the settleme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riod which is less than one month. 6. Having heard learned counsel for the parties and taking into consideration the fact that the impugned order dated 18th May, 2018 was passed by the Adjudicating Authority without hearing the 'Corporate Debtor' in violation of rules of natural justice and all the time the 'Corporate Debtor' was ready to settle the matter, we have no other option but to set asid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the proceeding. The 'Corporate Debtor' (company) is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. 8. As agreed by the parties, the Respondent will now pay a sum of Rs. 1.5 lakhs (Rupees One lakh five thousand only) to the 'Interim Resolution Professional', for the period he has functioned and towards the resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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