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2022 (11) TMI 1377 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHIValidity of admission of Section 7 application - amount (small balance amount) due and payable by the corporate debtor to SASF under the OTS, and, SASF wrongfully revoked the OTS and subsequently filed an application under Section 7 of the IBC - case of appellant is that Section 7 petition in the present case is mala-fide and filed only for the purpose of recovery and not for insolvency resolution of the corporate debtor. HELD THAT:- The Adjudicating Authority has only recorded the claim of the Applicant and has only unambiguously stated that it is not delving into the calculation of the amount stipulated by the Applicant in Section 7 application, and further the exact amount of financial debt is immaterial as long as the amount admitted by the corporate debtor is more than the minimum amount stipulated under Section 4(1) of the IBC i.e. Rs. 1 Lakh at the relevant time of filing Section 7 application. In the light of detailed provisions in Chapter IV (Proof of Claims) in the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process For Corporate Person) Regulations, 2016, the invitation, submission and verification of claims of operational and financial creditors, workmen and employees and other creditors is quite clear. In so far as the facts included in the Section 7 application in Form 1 application is concerned, the financial creditor as to provide information about the debt which is due and payable and also the date and record of default. There is no requirement in the adjudication of Section 7 application to calculate and fix the exact amount of debt in default of repayment. It is only to be seen whether the amount in default is more than the minimum or threshold value that is prescribed in Section 4 (1) of the IBC. The Appellant has not been able to make a case that the Adjudicating Authority had fixed a precise amount of the claim of Respondent No. 1-SASF and thereby caused adverse impact on the financial interest of Appellant - this Appeal has been filed by the Appellant- Suzlon Synthetics Limited, claiming to be adversely affected by the Impugned Order. It is a fact that the Section 7 admission order is directed at the corporate debtor - on looking at the reasons and grounds raised by the Appellant in this appeal, it does not become apparent as to why the Appellant had filed this appeal. Appeal dismissed while imposing a cost of Rs. 2 lakhs on the Appellant which should be deposited in the Prime Minister’s Relief Fund within 15 days of this order.
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