9911796707
TMI Blog2017 (11) TMI 840X X X X Extracts X X X X X X X X Extracts X X X X ..... Ranjit, Adv. ORDER 1. This is an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') for initiation of Corporate Insolvency resolution process in respect of Respondent corporate debtor. 2. The precise case of the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not make any payments despite several reminders and legal notices, the Applicant Company was constrained to issue a statutory notice for winding up on 10.08.2015 and in pursuance of the same, a winding up petition was filed before the Hon'ble Delhi High Court. 4. Upon the said winding up petition bearing Co. Pet. No. 165/2016 being transferred to the Principal Bench of NCLT, the Applicant Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r section 9(3)(c) of the Code. On the next date of hearing i.e. 03/10/2017 again opportunity was provided to the applicant as it was contended that the required certificate will be filed during the course of that day. Nevertheless, the requisite certificate from the financial institutions maintaining accounts of the operational creditor has not yet been furnished by the applicant. Needless to say ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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