Appeal granted, relief for Corporate Debtor due to lack of notice. Illegal order set aside.

The appeal was allowed, granting relief to the appellant company, a Corporate Debtor, due to the delay in filing caused by lack of notice. The impugned order, issued without following natural justice principles, was declared illegal, leading to its setting aside. All related actions were annulled, including appointment of the Interim Resolution Professional. The appellant was released from legal restrictions to operate independently, with directions to pay fees to the Professional. No costs were awarded, and other creditors were permitted to seek redress.

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Issues:
1. Condonation of delay in filing appeal due to lack of notice to the Corporate Debtor.
2. Violation of natural justice in passing the impugned order.
3. Settlement of dispute between the parties.
4. Declaration of impugned order as illegal and setting aside all related actions.
5. Dismissal of the application under Section 9 of the I&B Code, 2016.
6. Release of the appellant company from legal restrictions and permission to function independently.
7. Payment of fees to the Interim Resolution Professional.
8. No order as to costs in the appeal.
9. Permission for other creditors to approach the appropriate forum.

Analysis:
1. The judgment deals with an application for condonation of delay in filing an appeal due to the appellant, a Corporate Debtor, not receiving notice of the impugned order dated 28th April, 2017. The delay was explained as the appellant only becoming aware of the order on 20th July, 2017, through the Interim Resolution Professional, and filing the appeal on 26th July, 2017. The respondent, an Operational Creditor, did not dispute the lack of notice to the Corporate Debtor.

2. The judgment highlights the violation of rules of natural justice as the impugned order was passed without notice to the Corporate Debtor. Despite the settlement of the dispute between the parties, it was acknowledged that the impugned order was issued in contravention of the principles of natural justice, leading to its setting aside.

3. All actions and orders stemming from the impugned order, including the appointment of the Interim Resolution Professional, declaration of moratorium, and any steps taken by the Professional, were declared illegal and set aside. The application under Section 9 of the I&B Code, 2016, was dismissed, and the Adjudicating Authority was directed to close the proceedings.

4. The appellant company was granted relief from legal constraints and permitted to operate independently through its Board of Directors immediately. The fees of the Interim Resolution Professional, if appointed, were to be determined by the Adjudicating Authority, and the appellant was directed to pay the fees as per the settlements reached.

5. The appeal was allowed with the specified observations and directions, and no costs were awarded in the circumstances of the case. However, it was clarified that the impugned order would not prevent other Financial Creditors or Operational Creditors from seeking recourse before the appropriate forum, ensuring the rights of other creditors were preserved.

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