2017 (11) TMI 926

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.... This appeal has been preferred by the appellants-'Corporate Debtor' against order dated 6th July, 2017 passed by the learned Adjudicating Authority (National Company Law Tribunal), Mumbai Bench (hereinafter referred to as 'Adjudicating Authority') in C.P. No. 1112/I & BP/2017, whereby and whereunder the application preferred by the respondent-'Operational Creditor' under Section 9 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as 'I & B Code') for initiation of 'corporate insolvency resolution process' against the appellants has been admitted, Moratorium has been declared, name of the Interim Resolution Professional called for and order passed in terms of the I & B Code. 2. ....

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....s to be paid, unconditionally within ten days from the date of receipt of letter failing which the 'Operational Creditor' will initiate a Corporate Insolvency Process in respect of 'Corporate Debtor' as apparent from last paragraph No. 6 of notice contained inform - 3, and quoted above. Only if such notice in Form-3 or Form-4 is served, the 'Corporate Debtor' will understand the serious consequences of non-payment of 'Operational Debt', otherwise like any normal pleader notice/Advocate notice or like notice under Section 80 of C.P.C. or notice for initiation of proceeding under Section 433 of the Companies Act 1956, the 'Corporate Debtor' may decide to contest the suit/case if filed, as disti....