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TMI Blog2018 (1) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... d Representative nor holds any position with or in relation to the ‘Financial Creditor’, as required to be stated as Form-1 of the Adjudicating Authority Rules, 2016, we hold that application under Section 7 of the ‘I&B Code’ was not maintainable at the instance of the Respondent. - Company Appeals (AT) (Insolvency) Nos. 141 And 146 of 2017 - - - Dated:- 6-12-2017 - Mr. Bansi Lal Bhat And Mr. S.J. Mukhopadhaya, JJ. For The Appellant : Mr. Manoj Swarup, Mr. Soheb Rahman and Mr. Aditya Singh, Advocates For The Respondent : Mr. Virendra Ganda, Senior Advocate with Mr. Manish Kumar Jha and Mr. Yohaann Limathwalla, Advocates And Ms. Ritu Singh, Advocate, PNB Housing Finance Ltd JUDGMENT Sudhansu Jyoti Mukhopadhaya, J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 7 of the I B Code not filed. Therefore, according to Appellant in absence of relevant record of default , it was not open to the Adjudicating Authority to admit the application under Section 7 of the I B Code . 4. Learned counsel appearing on behalf of the Respondent submitted that the aforesaid objections were not raised by the Appellant before the Adjudicating Authority. It is also submitted that following the Golden Rule of Principles of Interpretation the Court should follow the purposive interpretation to achieve the object i.e. existence of default, to the satisfaction of the Adjudicating Authority which has been done. Therefore, it cannot be alleged that there is a failure on the part of the Respondent to produce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... STIMATED VALUE AS PER THE CREDITOR ATTACH A COPY OF A CERTIFICATE OF REGISTRATION OF CHARGE ISSUED BY THE REGISTRAR OF COMPANES (IF THE CORPORATE DEBTOR IS A COMPANY) None XXX XXX XXX 8. LIST OF OTHER DOCUMENTS ATTACHED TO THIS APPLICATION IN ORDER TO PROVE THE EXISTENCE OF FINANCIAL DEBT. THE AMOUNT AND DATE OF DEFAULT DOCUMENTS PERTAINING TO LOAN 15: i . Disbursement Request Letter from Corporate Debtor to Financial Creditor dated March 21, 2016 for release of funds amounting to USD 185,200.00 is annexed at An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er bearing Transport Document No. 956768850 for Goods to be delivered to Corporate Debtor's Buyer Yianakkis General Import and Export Annexure I(O) hereto; x . Bill of Lading bearing B/L No.956768850 dated June 28, 2016 is annexed as Annexure I (P) hereto; AND xi . Demand Promissory note dated January 21, 2016 issued by the Corporate Debtor in favour of the Financial Creditor for an amount of USD 265,334.00 plus interest as more specifically stated in the Demand Promissory Note annexed at Annexure-I (M) hereto; xii . Demand Promissory note dated March 30, 2016 issued by the Corporate Debtor in favour of the Financial Creditor for an amount of USD 200,000.00 plus interest as more specifically stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Process . As per the said Rule 6, Financial Creditor is required to make an application under Section 7 for initiating the Corporate Insolvency Resolution Process in Form 5 accompanied with documents and records required for the purpose. 10. Sub-section (3) of Section 7 of the I B Code if read with Form-5 of the Adjudicating Authority Rules, 2016, it is clear that it is mandatory to provide the relevant information and to enclose relevant record and on failure the application to be treated to be defective/incomplete and liable to be rejected. 11. In this case, we find that the application preferred by Respondent under Section 7 is not complete in absence of records of default , as required in terms of sub-section (3) (a) o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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