SAHARA FINCON PRIVATE LTD Vs. TIRUPATI CERAMICS LTD

JUDGEMENT

(1.) Mr. Ajay Ghangas, Advocate for Applicant-Financial Creditor. Mr. Manish Jain and Ms. Divya Sharma, Advocates for the respondent. This is a petition filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating the insolvency resolution process. The application was filed in Form No.1 of the Code as prescribed in sub-section (1) of Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The matter was heard on 06.09.2017. It was inter alia contended by the learned counsel for the respondent that the application is incomplete in as much as the application does not contain declaration as per Form No. 1 to the following effect:-

(2.) It is apparent that in the application form, the name of Insolvency Resolution Professional was not proposed and so the declaration was missing. When the matter was listed on 28.07.2017, the petitioner was directed to propose the name of Insolvency Professional as required under Section 7(3) (b) of the Code, being a mandatory requirement. The compliance was made but the declaration was not filed being not originally there in the original application.

(3.) It was also contended that as per serial No.7 of Part-V of Form No.1 the petitioner is required to attach copies of entries maintained under the Bankers Book Evidence Act, 1891. The learned counsel for the petitioner has relied upon its ledger account referring to various transactions through different banks but copies of the statement of account of these Banks have not been filed. These are Union Bank of India, HDFC Bank, Axis Bank, Punjab National Bank etc- This default should have in fact been pointed out by the registry before listing the case. It would be relevant to refer to sub-section (5) of Section 7 of the Code which reads as under:-