TaxTMI 
TaxTMI 
2018 (4) TMI 687
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....ayer has been made to exclude the period when the matter was pending before the Hon'ble High Court of Delhi. 2. Apart from the fact that this Appellate Tribunal has already held that the provisions of 'Limitation Act, 1963' are not applicable to the application for 'Corporate Insolvency Resolution Process' under Insolvency and Bankruptcy Code, 2016, even then if the period as claimed is excluded for the purpose of condonation of delay, the appeal cannot be allowed for the grounds mentioned below. 3. The Appellant preferred the application under Sections 433 (e), 434 (1) (a) & (b) and 439 of the Companies Act, 1956 before the Hon'ble Delhi High Court for winding up of Shiva Drums Pvt. Ltd. ('Corporate Debtor'). The case was transferred fro....
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....sed insolvency professional to the Tribunal within sixty days from date of this notification, failing which the petition shall stand abated. Provided further that any part or parties to the petitions shall, after the 15th day of July, 2017, be eligible to file fresh applications under sections 7 or 8 or 9 of the Code, as the case may be, in accordance with the provisions of the Code: Provided also that where a petition relation to win ding up of a company is not transferred to the Tribunal under this rule and remains in the High Court and where there is another petition under clause (e) of section 433 of the Act for winding up against the same company pending as on 15th December, 2016, such other petition shall not be transferred to t....
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....uoted below: - "8. Insolvency resolution by operational creditor. ─ (1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in the default to the corporate debtor in such form and manner as may be prescribed." 13. It is only on receipt of such notice under sub-section (1) of Section 8 of the 'I& B Code', the 'Corporate Debtor' may either pay the amount or may dispute the claim in terms of sub-section (2) of Section 8 of the 'I&B Code'. 14. Clause (a) and (b) of sub-rule (1) of Rule 5 of the 'Adjudicating Authority Rules' provides the format in which the demand notice/invoice demanding payment in respect of ....
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.... the relevant accounts from the banks/financial institutions maintaining accounts of the operational creditor confirming that there is no payment of the relevant unpaid operational debt by the operational debtor, if available. Annex IV Affidavit in support of the application in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Annex VI Written communication by the proposed interim resolution professional as set out in Form 2 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Annex VI Proof that the specified application fee has been paid." 17. Admittedly, no notice was issued under sub-section (1) of Section 8 of the 'I&B Code'. In terms with Rul....