2017 (8) TMI 1590 - SCH - Insolvency and Bankruptcy

Insolvency Bankruptcy Code - whether filing of a copy of certificate from the Financial Institution maintaining accounts of the Operational Creditor confirming that there is no payment of unpaid operational debt by the 'Corporate Debtor' as prescribed under clause (c) of sub-section 3 of Section 9 of the 'I B Code' is mandatory or directory? - it was held that The argument that the foreign companies having no office in India or no account in India with any Financial Institution will suffer in recovering the debt from Corporate Debtor cannot be accepted as apart from the 'I B Code', there are other provisions of recovery like suit which can be preferred by any person. HELD THAT - There is no merit in the present appeal - appeal dismissed.

Summary

The Supreme Court of India dismissed the appeal as they found no reason to interfere with the order passed by the National Company Law Appellate Tribunal, New Delhi on 19.05.2017.