2017 (11) TMI 840

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....tion process in respect of Respondent corporate debtor. 2. The precise case of the applicant is that Respondent Company had approached the Applicant Company in April 2013 seeking to engage their services and, accordingly, on 24.05.2013, terms and conditions of the discharge of the said services was agreed upon between the two parties. However, despite the Applicant Company fulfilling all its obligations diligently, the Respondent Company defaulted in making payments to the Applicant Company. It is submitted that from the amount of Rs. 74,82,000/- which was owed to the Applicant Company, the Respondent Company has only paid Rs. 44,68,000/- till date. 3. It is further submitted that the Respondent Company vide letter dated 09.10.2014 ha....

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....equired certificate will be filed during the course of that day. Nevertheless, the requisite certificate from the financial institutions maintaining accounts of the operational creditor has not yet been furnished by the applicant. Needless to say that the stipulated seven days period afforded to rectify the defect has already been over. 6. Under sub-section (5) of Section 9 of the Code, if application is not complete, the adjudicating authority is required to give 7 days' time to the applicant from the date of receipt of notice to rectify the defect in the application. 7. Hon'ble NCLAT in its judgment dated 01.05.2017, in the matter of J K Jute Mills Co. Ltd. v. Surendra Trading Company, has held that time is the essence of the Code a....