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2017 (9) TMI 391 - Tri - Companies LawWinding up proceedings - Interim Insolvency Resolution process - Held that:- The matter has been quite well settled by the Hon'ble Appellate Tribunal in JK Jute Mills Co. Ltd. v. Surendra Trading Company [2017 (6) TMI 254 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, ALLAHABAD] wherein it was held that the seven days' period for the rectification of the defects as stipulated under the proviso to the relevant provisions of sections 7, 8, or 9 is required to be complied with by the Corporate Debtor, whose application otherwise being incomplete is fit to be rejected. It was thus held that the proviso to the aforesaid section made to remove the defects within seven days are mandatory and on failure to do so the application is fit to be rejected. However, the learned counsel for the petitioner submits that the Interim Insolvency Resolution Professional could not be named because of non-availability of the Chief Executive Officer of the petitioner Society for sometimes, but that cannot be the reason to grant extension in respect of the period of seven days, the same being mandatory in nature.In views of the above, the instant petition is rejecting.
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