V.P. Singh, Member - (1.) The Operational Creditor has filed this Application under section 9 of the Insolvency & Bankruptcy Code, 2016 for initiation of Corporate Insolvency process against the Corporate Debtor.
(2.) At the time of hearing of the petition, we have found that this petition has been filed on the basis of demand notice issued against the Corporate Debtor which is in the prescribed form No. 3 annexed with the petition as Annexure "F". The said demand notice has been issued under Section 8(1) of the Insolvency & Bankruptcy Code, 2016 and the notice has been issued by Shri Akhilesh Kumar Shrivastava in the capacity as an Advocate of the Operational Creditor.
(3.) The Ld. Counsel for the Corporate Debtor has raised objection regarding the maintainability of the petition on the ground of principles of law laid down by the Hon'ble National Company Law Appellate Tribunal in the case of Uttam Galva Steels Limited Vs. DF Deutche Forfait AG & Ors.;