TaxTMI 
TaxTMI 
2018 (10) TMI 1834
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....l Creditor, Smart Timing Steel Ltd., for initiation of CIRP against the Corporate Debtor, namely, National Steel & Agro Industries Ltd. It is stated in the application itself that Operational Creditor would deliver a demand notice dated 23.12.2016 of demanding the payment of the amounts involved in default to the Corporate Debtor at the Corporate Debtor's registered office. Due to failure of t....
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....atory to file copy of the certificate from the Financial Institutions reflecting non-payment of the operational debt impugned, for the Operational Creditor has filed to annexe copy of the said certificate as required under Section 9(3)(c) of the Code, this petition is liable to be rejected". Against the Order of NCLT dated 31.1.2017, Company Appeal before the NCLAT was filed which was dismissed in....
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....perational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor is certainly not a condition precedent to trigger the insolvency process of the code. The Code cannot be construed in a discriminatory fashion so as to include those operational creditors who are residents outside India who happen to bank with financial institutions which may be included ....
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....4. On perusal of the order of the Hon'ble Supreme Court in the case of Macquarie Bank Ltd. (supra), it is clear that Hon'ble Supreme Court has discussed the judgment of Hon'ble NCLAT passed in the case of Smart Timing Ltd. However, Hon'ble Supreme Court has not overruled its earlier judgment and the judgment of NCLAT, whereby the SLP was dismissed. It is clear that this case has be....