TaxTMI 
TaxTMI 
2020 (9) TMI 1073
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.... further praying for exclusion of time from 22.08.2017 till date of appointment of IRP from the CIRP period. 2. The averments in the Memo are that this Tribunal admitted the Petition filed under Section 9 of Insolvency & Bankruptcy Code, 2016 by the Operational Creditor on 22.08.2017 and Corporate Insolvency Resolution Process commenced by appointing Shri M. Vijay Bhaskar Rao as Interim Resolution Professional and further granted moratorium. 3. It is submitted, aggrieved by the admission order, an appeal was preferred by the Director of the Corporate Debtor before Hon'ble NCLAT. Hon'ble NCLAT vide order dated 16.10.2017 set aside the order dated 22.08.2017 passed by this Tribunal. 4. It is submitted that the Petitioner preferred ....
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....ointed for Corporate Debtor in the first instance and adjourned the matter on 10.02.2020. 8. When the matter came up for hearing on 10.02.2020, the Counsel for Petitioner filed compliance memo with regard to service of notice on Corporate Debtor along with a letter received from the then IRP stating his incapability to act as IRP. As such the Petitioner urged this Tribunal to appoint another IRP to continue the CIRP process. It is reported notice was served on the Corporate Debtor but none appeared. 9. The Operational Creditor failed to name anyone as Interim Resolution Professional and has requested the Tribunal to appoint one for the Corporate Insolvency Resolution Process. The Insolvency and Bankruptcy Board of India (IBBI) has recomme....
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....uthority appointing any 'Interim. Resolution Professional' or declaring moratorium, freezing of account, if any, and all other order(s) passed by Adjudicating Authority pursuant to impugned order and action taken by the 'Interim Resolution Professional', including the advertisement published in the newspaper calling for applications as such orders and actions are declared illegal and are set aside. The application preferred by Respondent under Section 9 of I&B Code, 2016 is dismissed. Learned Adjudicating Authority will now close the proceeding. The appellant company is released from all the rigour of law and is allowed to Junction independently through its Board of Directors from immediate effect". By virtue of the above o....