R.P. Nagrath, Member - (1.) The petitioner, a Cooperative Bank filed the instant petition before the Hon'ble High Court in terms of Section 433(e) of the Companies Act, 1956 for winding up of the respondent company for its inability to pay the debt. The respondent having not been served before 15-12-2016, the instant petition was received by transfer in terms of Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016. 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 II of the Code: Provided that the petitioner shall submit all information, other than Information forming part of the records transferred in accordance with rule 7, required for admission of the petition under sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal upto 15th day of July, 2017, failing which the petition shall stand abated: Provided further that any party or parties to the petitions shall, after the 15th day of July, 2017, he eligible to file fresh applications under section 7 or 8 or 9 of the Code, as the case may be, in accordance with the provisions of the Code: Provided also that where a petition relating to winding up of a company is not transferred to the Tribunal under this rule and remains in the High Court and where there is another petition under clause (e) of section 433 of the Act for winding up against the same company pending as on 15th December, 2016, such other petition shall not be transferred to the Tribunal, even if the petition has not been served on the respondent"
(2.) The petitioner has filed application in Form No. 1 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules') as a "Financial Creditor". The respondent is stated to have issued the debentures for an amount of about Rs. 2 crores and copy of letters of allotment have been annexed with the application and it is submitted that the debentures were not issued.
(3.) 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.";