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2017 (12) TMI 1652 - AT - Insolvency and BankruptcyMaintainability of petition under Section 7 of the ‘I&B Code’ - mismatch of figures and dates of default - Held that:- In the present case, the Respondents have explained the difference between the claim amount as made on 19th October, 2015 and as on the date of filing in the year 2017, which has been calculated, taking into consideration the interest payable in the meantime and the amount, if any, recovered under other proceedings. Apart from the aforesaid fact, the mere mismatch of the figures will ipso facto not invalidate the order initiating ‘Corporate Insolvency Resolution Process’ under Section 7 of the ‘I&B Code’. It was held in the case of M/s. Innoventive Industries Ltd. Vs. ICICI Bank & Anr [2017 (9) TMI 58 - SUPREME COURT OF INDIA], that in case a ‘Corporate Debtor’ commits a default of a financial debt, the Adjudicating Authority has merely to see the records of the information utility or other evidence produced by the ‘Financial Creditor’ to satisfy itself that a default has occurred. The Hon’ble Supreme Court further held that “it is of no matter that the debt is disputed so long as the debt is “due” i.e payable unless interdicted by some law or has not yet become due in the sense that it is payable at some future date.” - In the present case, the Appellant raised dispute and pleaded mismatch of debt amount, but it has not been disputed that some debt is “due” and is payable to the ‘Financial Creditor’ and the ‘Corporate Debtor’ has defaulted in making such payment. No interference is called for against the impugned order dated 4th September, 2017 passed in Company Petition No. 551/(IB)/2017 - Appeal dismissed - decided against appellant.
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