Insolvency Proceedings Closed: No Default Proven by Corporate Debtor on Petition Date per Section 7. Affidavit and Bank Certificate Insufficient.

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....Appeal against the initiation of CIRP - The ‘Corporate Debtor’ contends that on the date of filing of the petition, there was no default as contemplated in Section 7 - It appears that in compliance with the order of the Adjudicating Authority dated 29th November 2018 the ‘Corporate Debtor’ filed an Affidavit along with Bank certificate. But in reply no evidence was submitted to prove that the outstanding amount is due and payable. - Insolvency proceedings directed to be closed.....