2018 (10) TMI 1834

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....2018 has been filed by the Operational 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 r....

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.... 2016, it is evident, that it is mandatory 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 N....

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....stitution maintaining accounts of the operational 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 fina....

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....he learned Counsel appearing for the Appellant." 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 ....