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2017 (7) TMI 1018 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - whether the petitioner has been able to satisfy the requirement of Section 7 of the Code? - Held that:- Firstly, the order dated 30.05.2017 may not by itself be regarded as notice within the meaning of proviso to Section 7 (5) of the Code. Secondly it is highly doubtful whether the defect concerning power of attorney would be the one covered by Section 7 (2) of the Code. Section 7 (2) of the Code only provides that application has to be in the form and manner as may be prescribed. By virtue of Section 7 of the Code read with Rule 4 of the Adjudicating Authority Rules' Form-1 has been prescribed as performa for presentation of the application by a 'Financial Creditor'. A perusal of Form-1 would reveal that there is no requirement specified in any part of that performa with regard to power of attorney. It would thus mean that there is no defect in terms of Section 7 (2) read with Section 7 (5) of the Code. It does not however lead to the conclusion that there is no requirement of filing a power of attorney. But then it is a different matter and would not be hit by the defect in the performa prescribed by Rule 4 of Adjudicating Authority Rules. It is not that every defect is hit by Section 7 (2) of the Code. Therefore, no notice by the registry was issued. This is a hyper technical legal argument raised on the basis of order dated 30.05.2017. Taking clue from the order of that date this argument has been advanced. Therefore, we do not accept the submission. Going by that conclusion we find that affidavit has been filed on 07.06.2017 which has consumed seven days' time. Therefore, we do not find any substance in the aforesaid submission and reject the same. For the reasons, aforementioned this petition is admitted. In pursuance of Section 13 (2) of the Code we direct that public announcement shall be immediately made by the Interim Resolution Professional with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d).
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