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2018 (7) TMI 1740 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Initiation of corporate insolvency resolution process by financial creditor - Held that:- As evident from the perusal of documents [Annexure R(l)(Colly)] & Annexure R(2) filed by the Financial Creditor along with the rejoinder that the shareholders of the Respondent Company are also the members of the Association, and thus fall under the same management. It is further obvious that the affairs of the Association being managed by the persons who are holding key managerial position and 99.83% of the shareholding in the Respondent Company. As further seen that Mr. Joginder Singh is the Director and Joint Secretary in the Respondent Company and Association respectively, who has executed and signed each of the documents including loan agreement as well which were required for the purpose of granting loan. Moreover, it does not lie in the mouth of the respondent to raise such an argument once respondent itself is in default. Therefore, admission of the petition cannot be successfully resisted on such a flimsy ground. Thus, we have no hesitation to reject the argument raised on behalf of the Corporate Debtor. Another argument that the petitioner has failed to adhere to the provisions of the Bankers Book Evidence Act, 1891 while submitting the Statement of Accounts, which is a mandatory provision as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also lost its sheen because vide Diary No. 669, dated 07.02.2018 an additional affidavit has been filed by Mr. Puneet Gogia along with a certificate in accordance with the Banker’s Books Evidence Act, 1891 [Annexure-B (Colly)]. The filing of the aforesaid certificate completely answers the said objection The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional at the earliest but not later than three days from today
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