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2018 (9) TMI 430 - SUPREME COURTCorporate Insolvency process - NCLT ultimately found ample evidence of default in the debt that was owed- NCALT set-aside the aforesaid judgment of the NCLT on the ground that the mandatory requirement of Section 7(3)(a), which included the filling up of a statutory form not having been done, and the application being made by an advocate and not by the party in person, allowed the appeal - Held that:- The present is the case of a financial creditor who has moved the NCLT. In Macquarie Bank Limited Vs. Shilpi Cable Technologies Limited (2017 (12) TMI 850 - SUPREME COURT OF INDIA) we have since taken the view that, in the case of operational creditors, the petition filed by a foreign company need not observe such requirements of a statute which are impossible of compliance, namely, of getting a certificate from Indian financial institutions evidencing default in repayment of a debt. We also think that the petition filed by an advocate would be maintainable, as has been held in Macquarie Bank supra. We are of the view that the said judgment would apply in the case of financial creditors as well We, therefore, set-aside the judgment of NCLAT and restore that of NCLT.
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