2019 (10) TMI 695

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....a Chakraborti, Mr. Ashish Mukhi and Mr. Kamlendra Singh, Advocates For The Respondents : Dr. U.K. Choudhary, Senior Advocate, Mr. Rajesh Bohra and Mr. Dhruv Gupta, Advocates, For Promoters, Mr. Abhijit Sinha, Mr. Anuj Shah and Mr. Pawan Sharma, Advocates for RP ORDER 'Ashapura Minechem Limited' (Corporate Debtor / Corporate Applicant) filed an application under Section 10 of the 'Insolvency and Bankruptcy Code, 2016 (for short, 'the I&B Code') along with petition under Section 31 of the 'I&B Code' for admitting the application and to approve the plan as filed by 'Miscellaneous Application No. 303 of 2019' on 23rd January, 2019 under Section 31 of the I&B Code. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench....

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.... the essence for implementation and finalisation of the process of the Insolvency." 2. The Appellants challenged the impugned order admitting the application filed under Section 10 of the 'I&B Code' in the manner in which it was passed, taking into consideration the plan submitted by the applicant under Section 10 and on some other grounds. 3. This Appellate Tribunal issued notice on 8th April, 2019 when noticed no decision has been taken by the shareholder in its 'Annual General Meeting and 'Extra-Ordinary General Meeting'. Subsequently, on 8th July, 2019 when the matter was taken up, it was also ordered and the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, was prohibited from passing any order in the insolven....

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....ority will close the proceedings. 7. In the result, in effect, order (s) passed by Ld. Adjudicating Authority appointing 'Interim Resolution Professional', declaring moratorium, freezing of account and all other order (s) passed by Adjudicating Authority pursuant to impugned order and action taken by the 'Resolution Professional', including the advertisement published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by the 1st Respondent under Section 10 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 thr....