TMI Blog2017 (8) TMI 1571X X X X Extracts X X X X X X X X Extracts X X X X ..... e period he has functioned. Appeal allowed. - Company Appeal (AT) (Insolvency) No. 104 of 2017 WITH Company Appeal (AT) (Insolvency) No. 109 of 2017 - - - Dated:- 2-8-2017 - Mr S. J. Mukhopadhaya, Chairperson And Mr Balvinder Singh, Member (Technical) For The Appellant : Shri PBA Srinivasan with Ms. Swati Swati Seth, Advocates For The Respondent : Shri Aditya Sharma, Advocate ORDER The respondent-Brian Lau, a resident of 18B, Tower- 2, The Marinella, 9 Welfare Road, Wong Chuk Hang, Hong Kong claimed to be 'Operational Creditor' and preferred an application under Section 7 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 ..... 9;Financial Creditor' as defined under sub-section (7) read with sub-section (8) of Section 3 of the I B Code; ( c) The respondent failed to produce any record of default or such other record or evidence of default as specified by the Insolvency and Banking Board of India; and ( d) The notice under Section 8 was not issued by respondent but by his Lawyer which is not permissible. 5. Learned counsel appearing for the respondent has not disputed the fact that no notice was issued on the 'Corporate - Debtor' before the admission of the application i.e. before passing of impugned order dated 28th June, 2017. He submitted that there are other records, such as 'Uns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... newspaper calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by the respondent(s) under Section 7 of the I B Code is dismissed. Learned Adjudicating Authority will close the proceedings. The appellant(s) are released from all the rigour of law and is allowed to function independently through its Board of Directors with immediate effect. 9. Learned Adjudicating Authority will fix the fee of 'Interim Resolution Professional', if appointed and the appellant-'Corporate Debtor' will pay the fees of the Interim Resolution Professional, for the period he has functioned. 10. Both the appeals are allowed with the aforesaid observations ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
