Corporate Debtor is duty bound to ensure that the application is complete in all respect accompanied by the Statements & Annexures including the Financial Statement prepared in accordance with the provisions of law, thereby conveying the true and fair View without which the Adjudicating Authority will not be able to satisfy as to whether the Application u/s 10 is eligible for admission- JR Foods Limited- NCLT Chennai

NCLT held that when it was pointed out during the course of hearing that the application is incomplete owing to the informalities the Learned Authorized Representative desired to know the specific items which are required to be complied. This Adjudicating Authority instructed him to revisit the entire application particularly with reference to the Revenue Statement and Cash Flow Statement and signatories to Statements. This Adjudicating Authority is of the view that Petitioner/Corporate Debtor is duty bound to ensure that the application is complete in all respect accompanied by the Statements and Annexures including the Financial Statement prepared in accordance with the provisions of law, namely the Companies Act, 2013 thereby conveying the true and fair View without which the Adjudicating Authority will not be able to satisfy as to whether the Application under Section 10 is eligible for being admitted for Corporate Insolvency Resolution process.

Corporate Debtor is duty bound to ensure that the application is complete in all respect accompanied by the Statements & Annexures including the Financial Statement prepared in accordance with the provisions of law, thereby conveying the true and fair View without which the Adjudicating Authority will not be able to satisfy as to whether the Application u/s 10 is eligible for admission- JR Foods Limited- NCLT Chennai Read Post »