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CS Professional · Corporate Restructuring, Valuation and Insolvency · Application for Corporate Insolvency Resolution Process

Tapti Engineering Ltd files a Section 9 application with its demand notice and affidavit. The bank certificate and information utility record are not available with it. Which statement is correct about these documents under Section 9(3)?

Both documents need be furnished only if available. Section 9(3)(c) and (d) qualify the bank certificate and information utility record with the words 'if available', and clause (e) allows other proof of non-payment, so their absence does not by itself defeat the application.

  1. AThe application is bound to be rejected, since both documents are mandatory
  2. BOnly the bank certificate is mandatory, while the information utility record is optional
  3. CThe bank certificate and information utility record are to be furnished only if available, and other proof of non-payment may be furnishedCorrect
  4. DBoth documents are needed only for fast track applications under Section 57

Explanation

Section 9(3)(c) and (d) require the bank certificate and information utility record 'if available', and clause (e) permits any other proof confirming non-payment. Their absence alone does not make the application incomplete.

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