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TMI Blog2018 (10) TMI 1909X X X X Extracts X X X X X X X X Extracts X X X X ..... td.' pertaining to a debt of Rs. 21,63,359/-. The case was transferred pursuant to Rule 5 of the Companies (Transfer of pending proceedings) Rule, 2016 before the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The Respondent therein filed Form-5 r/w Rule 6 to treat the same as application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short 'I&B Code) for initiation of Corporate Insolvency Resolution Process against 'Vama Apparels India Pvt. Ltd.'. By impugned order dated 17th May, 2018, the Adjudicating Authority admitted the application, passed order of moratorium and appointed Interim Resolution Professional. The Appellant - Director of the Corporate Debtor has challenged the aforesaid order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t there is no notice given by the corporate debtor relating to a dispute of the unpaid operational debt; (c) a copy of the certificate from the financial institutions maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor; and (d) such other information as may be specified. (4) An operational creditor initiating a corporate insolvency resolution process under this section, may propose a resolution professional to act as an interim resolution professional (5) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), by an order- (i) admit the application and communicate such decision to the opera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion under sub-section (5) of this section." 4. From the aforesaid provision it is clear that only after completion of ten days and if the matter has not been settled, an application under Section 9 in Form-5 can be filed. Any application under Section 9 preferred before the completion of 10 days cannot be entertained and admitted by the Adjudicating Authority. Application under Section 9, therefore, being not maintainable on the date the application under Section 9 was filed, the impugned order dated 17th May, 2018 cannot be sustained. We accordingly set aside the impugned order dated 17th May, 2018 and make it clear that the transfer of petition be abated in terms of Rule 5. 5. In the result, order(s) passed by Adjudicating Authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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