Admission of CP in NCLT Court, Other Topics

[hiren shah]

Would like to know as what is the normal procedure to admit the CP in NCLT Court, is the petition is admitted at the time of filling the company petition or once the tribunal/Hon Judge allows to admit??? Can anyone guide us on this matter/issue and also when the advertisement in the local newspaper can be given by the operational creditors on operational debtors under sec 9 of IBC??

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[DR.MARIAPPAN GOVINDARAJAN]

1. The operational creditor is to issue demand notice to the corporate debtor for payment of the outstanding dues;

2. The corporate debtor within 10 days of the receipt of the notice he is to pay the dues or bring to the notice of the operational creditor the dispute in his demand.

3. If no reply is received, then the operational creditor may file an application before the Adjudicating Authority (NCLT)-

a copy of the invoice demanding payment or demand notice delivered by the operational creditor to the corporate debtor;

an affidavit to the effect that there is no notice given by the corporate debtor relating to a dispute of the unpaid operational debt;

a copy of the certificate from the financial institutions maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor; and

such other information as may be specified.

The Adjudicating Authority shall, within fourteen days of the receipt of the application admit the application and communicate such decision to the operational creditor and the corporate debtor if,-

(a) the application made is complete;

(b) there is no repayment of the unpaid operational debt;

(c) the invoice or notice for payment to the corporate debtor has been delivered by the operational creditor;

(d) no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility; and

(e) there is no disciplinary proceeding pending against any resolution professional proposed , if any.

The applcation shall be in Form 5. The fee payable is ₹ 2000/-