2019 (3) TMI 880

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....person And Mr Bansi Lal Bhat, Member (Judicial) For The Appellant : Mr. Rajeev Ranjan, Senior Advocate assisted by Mr. Ramanjit Singh and Mr. Upender Singh, Advocates For The Respondent : Mr. Arjun Sanjay, Advocate And Mr. Rohit Rathi, Advocate for R.P. ORDER  Respondent - 'M/s. Sarvottam Rolling Mills (P) Ltd.' filed an application under Section 9 of the Insolvency and Bankruptcy....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... India & Ors. - Writ Petition (Civil) No. 99 of 2018', wherein Hon'ble Supreme Court observed as follows: "52. It is clear that once the Code gets triggered by admission of a creditor's petition under Sections 7 to 9, the proceeding that is before the Adjudicating Authority, being a collective proceeding, is a proceeding in rem. Being a proceeding in rem, it is necessary that the body whi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f each case." 3. Mr. Arjun Sanjay, learned counsel appearing on behalf of the respondent - 'M/s. Sarvottam Rolling Mills (P) Ltd. ('Operational Creditor') accepts that the parties have settled the matter. Mr. Rohit Rathi, learned counsel appearing on behalf of the 'Resolution Professional' also accepts that the 'Committee of Creditors' had not been constituted before the parties settled the mat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by the 1st Respondent under Section 9 of the I&B Code is dismissed. The Adjudicating Authority will now close the proceeding. The 2nd Respondent Company is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate e....