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2017 (9) TMI 128 - AT - Insolvency and BankruptcyNo payment of unpaid operational debt by the Corporate Debtor - whether filing of a copy of the certificate from the 'Financial Institution', “maintaining accounts of the Operational Creditor confirming that there is no payment of unpaid operational debt by the Corporate Debtor” as prescribed under clause (c) of sub-section (3) of Section 9 of the I&B Code? - Held that:- Admittedly, the Bank in question is not a scheduled bank, nor is a 'financial institution' as defined under Section 45-1 of Reserve Bank of India Act, 1934 (2 of 1934). The Bank aforesaid also do not come within the meaning of 'Public Financial Institution' as defined in clause (72) of Section 2 of Companies Act, 2013 (18 of 2013). The Central Government has also not issued any Notification specifying the Bank in question for the purpose of sub-section (14) of Section 3 r/w Section 9 of 'I & B Code'. In the circumstances, we hold that the application preferred by the appellant was not maintainable in the absence of record of 'Financial Institution' as defined in sub-section (14) of Section 3 of the I&B Code.
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