2022 (10) TMI 1155

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..... ppearing Parties : S.K. Sharma, Adv. ORDER 1. This is a petition filed under Section 7 of the Insolvency & Bankruptcy Code 2016. It is stated by the petitioner that notice in terms of Rule 4 of Adjudicating Authority, IBC Rules, 2016 has already been issued on the Corporate Debtor. 2. In view of the Judgment passed by the Hon'ble Supreme Court in the case of Swiss Ribbons Pvt. Ltd. & Anr. V .....

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..... een days within which the adjudicating authority has to pass the order is not mandatory but directory in nature would equally apply while interpreting proviso to sub-section (5) of Section 7, Section 9 or sub-section (4) of Section 10 as well. After all, the applicant does not gain anything by not removing the objections inasmuch as till the objections are removed, such an application would not be .....

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..... an Interim Resolution Professional, the Board of directors stand superseded. There are other persons who are also affected due to order of moratorium. Therefore, the 'adjudicating authority' is duty bound to give a notice to the corporate debtor before admission of a petition under Section 7 or Section 9." 5. Accordingly, notice to the Respondent/Corporate Debtor, be issued, returnable b .....

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