- (1.) Tcp 428/I&BP/NCLT/MB/MAH/2017 The admitted factual position is that this Petition was transferred from the Hon'ble Bombay High Court by invoking the provisions under section 433(e) of the old Companies Act, 1956. The Petitioner had moved winding up proceedings before the Hon'ble High Court for the recovery of the principal amount of Rs.85,29,332/-.
(2.) That on transfer the Petitioner had submitted Form No.5, admittedly on 17.07.2017 wherein it was stated that the Petitioner is a Financial Creditor and the Financial Debt was as per the Company Petition submitted before the Hon'ble High Court. Name of the IRP has also not been proposed.
(3.) On receiving the said Form the Respondent Debtor has raised certain preliminary objections and an Affidavit has been filed wherein it was contested that in respect of the financial Creditor, the required Form was to be filed on or before 15.07.2017 as prescribed under the Notification dated 29.06.2017 [F. No. 1/5/2016-CL-V] (GSR 732(E). Since admittedly the Form was filed on 17.07.2017, therefore, should not be admitted for commencement of Insolvency process. The second objection of the Respondent Debtor is that for Financial Creditor, the required form to be submitted is not Form No.5 and the required Form is Form No.l hence the Petition on Form No.5 is prima facie defective.;