9911796707
TMI Blog2017 (10) TMI 1131X X X X Extracts X X X X X X X X Extracts X X X X ..... ittedly the applicant has failed to complete the required documents till date. The word “shall” used in sub-section (3) of Section 9 of the Code shows mandatory requirement, which includes inter alia 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 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 by the applicant is clearly incomplete. As a sequel to the above discussion the present application filed by operational creditor is rejected being incompl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es issued by the applicant company duly received and acknowledged by the corporate debtor including the ledger account have been placed on record. 3. The corporate debtor in their reply to the application submitted that operational debt claimed by the applicant pertains to the period 2011-2012 and hence the same is hopelessly time barred. It is also their case that significant payments to the applicant after verification of the invoices have been made. It is alleged that applicant has raised invoices even for work not undertaken and that the invoices are forged and fabricated. Additionally it is stated that the bill / invoices annexed with the application were only received subject to their verification and scrutiny. It is alleged that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of receipt of notice to rectify the defect in the application. 7. Hon'ble NCLAT in its judgment dated 1.5.2017, in the matter of JK Jute Mills Co. Ltd. v. Surendra Trading Company, has held that time is the essence of the Code and that in case the applicant fails to remove the defects within 7 days' as provided under the proviso, the application is liable to be rejected. 8. In the present case time was afforded to the applicant on 24.08.2017, for removal of the aforesaid defect. The applicant has filed certified Bank statements along with copy of report of Chartered Accountant dated 29.07.2017 on 30.08.2017, which cannot be termed as compliance of sub-section (3)(c) of Section 9 of the Code. Despite opportunity afforded admitt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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