TMI Blog2017 (10) TMI 1486X X X X Extracts X X X X X X X X Extracts X X X X ..... t the petition under section 9 at the instance of the Respondents against the Appellant was not maintainable. The present case is covered by the decision in Uttam Galva Steels Limited - In this circumstances, we have no other option but to set aside the impugned order. The application preferred by Respondent under Section 9 of the I B Code, 2016 is dismissed. - Company Appeal (AT) (Insolvency) No. 113 of 2017 - - - Dated:- 16-10-2017 - Justice S.J. Mukhopadhaya (Chairperson), Justice A.I.S. Cheema, Member (Judicial) AND Balvinder Singh, Member (Technical) For the Appellant : Shri Shivam Sharma, Shri Raj Kishor Choudhary and Shri Sakil Ahmad, Advocates For the Respondent: Shri Rajeshwar Kr. Gupta, Advocate ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rma present for Operational Creditor / Petitioner. None present for Corporate Debtor/Respondent. Heard arguments of Learned Counsel for Petitioner. Learned Counsel for petitioner filed track report to show that copy of petition was delivered to the Respondent on 22.05.2017. Petitioner is directed to file acknowledgment of service of notice under section 8 r/w rule 5 of Insolvency and Bankruptcy Code, 2016 and Rules there under on or before 30.05.2017. Petitioner is also directed to send notice of date of hearing to the respondent along with copy of this order and file proof of service. List the matter on 30.05.2017 for hearing before admission. 4. In M/s. Innoventive Industries Ltd. Vs. ICICI Bank Anr. in Company Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sche Forfait AG Anr. in Company Appeal (AT) (Insolvency) 39 of 2017. In the said case, the Appellate Tribunal held and observed as follows : 27. From a plain reading of sub-section (1) of Section 8, it is clear that on occurrence of default, 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 operatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or is also required to state his position with or in relation to the Operational Creditor , meaning thereby the person authorised by Operational Creditor must hold position with or in relation to the Operational Creditor and only such 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 Insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount, 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 B Code, 2016 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. 10. Learned Adjudicating Authority will fix the fee of Interim Resolution Professional , if appointed, and the Respondent will pay ..... X X X X Extracts X X X X X X X X Extracts X X X X
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