The Section 9 petition meant for insolvency resolution can be submitted by both the creditors and the debtors. However, once the application is submitted, there is an entire matter associated with the adjudicating authority admitting the application. To make sure that the petition goes through proper admission, one needs to know about the documents that are to be furnished with the petition. Throughout the course of this blog, we are going to look into the documents that one requires to submit when an operational creditor is the seeking insolvency resolution.
List of documents required
- Demand notice or payment invoice: A copy of either the demand notice or the invoice to demand the payment delivered to the corporate debtor by the operational/financial creditor.
- No notice affidavit: The operational creditor has to submit an affidavit detailing that no notice was given by the corporate debtor in order to dispute the operational debt.
- Proof of no Payment: There are three kinds of evidence that the operational creditor can provide can provide to accentuate on the fact that
- Certificate of no payment: a copy of the certificate issued by the financial institution which is currently maintaining the creditor’s accounts. This certificate would state that no payment of the defaulted amount has been made to the creditor by the corporate debtor.
- Information utility data of no payment: Information that exists in the information utility that states that no payment of the default operational debt was made by the corporate debtor to the operational creditor.
- Any other proof of no payment: If there are any other proofs that verify that no payment of the defaulted amount has been paid by the corporate debtor to the operational creditor, then that needs to be provided as well.
Note: The above three types of proof is not an either/or situation. The operational debtor has to provide all the proofs associated that provide evidence that no payment of the defaulted payment has been made.
Once these documents have been collected, the operational debtor has to attach them with the section 9 petition form and submit it to the adjudicating authority (the NCLT) through either registered post or speed post.