SUPREME COURT : In Sunrise 14 A/S Denmark vs. Ravi Mahajan

Since it is impossible to get the certificate   from   Indian   financial   institutions evidencing   default   in   repayment of  a  debt by a foreign company, as an Operational Creditors, this petition considered as valid and Adjudicating Authority initiate Corporate Insolvency Resolution Process.

In  Macquarie   Bank   Limited vs. Shilpi Cable Technologies Limited  (2018) 2 SCC 674, 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 and therefore,  set­aside  the  judgment  of  NCLAT  and restore that of NCLT.

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