STATE BANK OF INDIA Vs. ELECTROSTEEL STEELS LIMITED

JUDGEMENT

(1.) This Company Petition has been filed by the Applicant/ Financial Creditor, State Bank of India, under section 7 of the Insolvency and Bankruptcy Code 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate Corporate Insolvency Resolution Process against the Corporate Debtor.

(2.) The Ld. Counsel for the Petitioner has filed Affidavit of Service annexing the postal receipt of Speed Post alongwith copy of reply received from the Corporate Debtor, M/s. Electrosteel Steels Ltd. On perusal of Affidavit, it appears that the Financial Creditor, State Bank of India had complied with the provisions of Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and sent a copy to the Corporate Debtor through registered post and the Corporate Debtor, after receiving the information, has informed through his letter dated 30th June, 2017 that he has received on 28th June, 2017 a Speed Post letter which was sent in compliance of Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

(3.) It appears from the record that the copy of the application and the petition alongwith all annexures were sent to the Corporate Debtor. The Ld. Counsel for the Petitioner/Financial Creditor has also filed a copy of the notice dated 6th July, 2017 which shows that State Bank of India has sent copy of the notice to the Corporate Debtor regarding the fact that he is going to mention that Insolvency Petition is to be listed on 10th July, 2017.