P K Saikia, Member - (1.) This application under Section 7 of the Insolvency & Bankruptch Code, 2016 read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating) Authority) Rules 2016 has been filed for initiating Corporate Insolvency Resolution Process against M/s. Everest Infra Energy Limited, a public non-government company having its registered office at Naharlagun, Arunachal Pradesh (hereinafter referred to as Corporate Debtor) .
(2.) The aforesaid application has been jointly filed by three Financial Creditors, namely, M/s. Sigma Vanijya Private Limited, M/s. Shree Shyam Promoters Private Limited & M/s. Santram Transformers Private Limited.
(3.) On receipt of the application, the Registry has scrutinized the same and detected certain defects which were duly communicated to the applicants for rectifying the same within the time stipulated under Section 7. For ready reference the defects so pointed out by the Registry are reproduced below: "i) The applicant needs to submit three authenticated sets. The second and the third copies have not been authenticated by the applicants. ii) As per section 4 (3) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, a copy of the application filed with the Adjudicating Authority should be sent forthwith by registered post or speed post to the registered office of the corporate debtor. The applicants have so far not furnished to the Registry proof of submission of such dispatch of a copy of the application. iii) As per section 9 (2) of the Insolvency and Bankruptcy Application to Adjudicating Authority) Rules, application for initiation of corporate insolvency resolution process should be accompanied with a certificate confirming the eligibility of the proposed insolvency professional for appointment as resolution professional in accordance with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Such certificate is not provided along with the application. iv) On scrutiny of exhibit A to the application, the following defects have been noticed: a) As per table annexed as Exhibit A, the date of defaults for the loan amounts are shown to be 03/05/2012, 29/10/2012, 27/10/2012 and 19/06/2012. The above dates may not fall within the limitation periods within which relief can be claimed under the Insolvency and Bankruptcy Code. b) Further as proof of debt, following documents have been submitted: i) copy of bank statement evidencing the loan amount granted (Annexure E, F and G) ii) copy of post-dated cheque in favour of financial creditors by the corporate debtor towards repayment of loan (Annexure H, I and J) iii) copy of notices for repayment of loan amount, (Annexure K, L and M) , iv) copy of account confirmation ledger received from the corporate debtor (Annexure N, O and P) v) Copy of certificates received from the statutory auditor copy of annual accounts of the corporate debtor for the financial year ending 2016-17 has been submitted (Annexure Q, R and S) . It is most respectfully submitted that no copies of any other documents showing mutually accepted terms that the amount is received by means of a loan, maturity date of the loan amounts, and interest charges to be levied has been submitted by the applicants for proof of existence of debt and default. The applicants may perhaps be advised to furnish the same. c) Copy of certificate of incorporation of the financial creditors along with MO A, AOA have not been furnished which the financial creditors may be advised to furnish. d) Documents of identification numbers of the financial creditors may be furnished in the application.";