Case: Sunrise 14 A/S Denmark Vs. Ravi Mahajan

2. We are of the view that the order dated 28.07.2017 passed by the National Company Law Tribunal, Chandigarh, after referring to the facts of this case and the fact that the Appellant was a Danish Company, ultimately found ample evidence of default in the debt that was owed. The petition was, therefore, admitted. The National Company Appellate Tribunal, by the impugned judgment and order dated 06.12.2017, set-aside the aforesaid judgment of the NCLT on the ground that the mandatory requirement of Section 7(3)(a), which included the filling up of a statutory form not having been done, and the application being made by an advocate and not by the party in person, allowed the appeal.

Reasoning:
3. The present is the case of a financial creditor who has moved the NCLT. In Macquarie Bank Ltd. v. Shilpi Cable Technologies Ltd. [2017] 88 taxmann.com 180 : 145 SCL 236 (SC) we have since taken the view that, in the case of operational creditors, the petition filed by a foreign company need not observe such requirements of a statute which are impossible of compliance, namely, of getting a certificate from Indian financial institutions evidencing default in repayment of a debt. We also think that the petition filed by an advocate would be maintainable, as has been held in Macquarie Bank (supra). We are of the view that the said judgment would apply in the case of financial creditors as well.