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2017 (11) TMI 840 - Tri - Insolvency and BankruptcyCorporate Insolvency resolution process - application filed by operational creditor incomplete - Held that:- As seen from the records that vide order dated 25.09.2017 the applicant was informed that the petition suffers from certain technicalities. Seven days’ time was duly afforded to the applicant to remove the objection with respect to the filing of certificate as required under section 9(3)(c) of the Code. Time was afforded to the applicant on 25.09.2017, for removal of the aforesaid defect. The applicant has filed certified copy of bank statement of the applicant company from 1.4.2017 to 27.9.2017, which cannot be termed as compliance of sub-sec. (3)(c) of Section 9 of the Code. In addition to the relevant bank account, the Code requires a certificate from the financial institution maintaining account of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor. Despite opportunity afforded, admittedly the applicant has failed to file the requisite certificate as mandatorily required under Section 9(3 )(c) of the Code. The word “shall” used in sub-section (3) of Section 9 of the Code shows mandatory requirement, which includes inter alia clause C of sub section 3. Therefore, on a bare perusal of the above-mentioned provision it is clear that furnishing of certificate from the relevant financial institution by the applicant inter-alia is a mandatory requirement under Section 9 of the Code and in the absence of such certificate from the financial institution maintaining accounts of the operational creditor, the application filed by the applicant is clearly incomplete. Thus the present application filed by operational creditor is rejected being incomplete.
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