TaxTMI 
TaxTMI 
2017 (9) TMI 391
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....f Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016. 2. Rule 5 of the aforesaid Rules as amended vide notification dated 29-06-2017 reads as under: "5. Transfer of pending proceedings of Winding up on the ground of inability to pay debts.- (1) All petitions relating to winding up of a company under clause (e) of section 433 of the Act on the ground of inability to pay its debts pending before & High Court, and, where the petition has not been served on the respondent under rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of section 419 of the Companies Act, 2013 exercising territorial jurisdiction to be dealt with in accordance with Part I....
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....issued. 4. When the matter was listed on 24.07.2017, the following defects were noticed: "(i) File copies of all the Debentures; (ii) Both the envelopes sent to the Registered Office of the Company which have been returned to the petitioner by the postal department; and (iii) File the written communication in Form No. 2 of the Rules of the Interim Resolution Professional." 5. The petitioner was directed to remove the defects and file documents along with affidavit of the Authorised representative within a period of seven days. The petitioner has filed the compliance affidavit so far as the service of the respondent is concerned and also attached the copy of the envelopes, which were earlier sent and returned undelivered. The petitio....
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....granted to the petitioner to rectify the same. For this, it would be relevant to refer to sub-section (5) of Section 7 of the Code, which reads as under:- "(5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, if may, by order, admit such application; or (b) default has not occurred or the application under sub-section (2) is incomplete or any disciplinary proceeding is pending against the proposed resolution professional, it may, by order, reject such application. Provided that the Adjudicating Authority shall, before rejecting the application under clause....