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2019 (6) TMI 519 - Tri - Insolvency and BankruptcyMaintainability of application - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor committed default in paying the financial debt - section 7 of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- Since insolvency resolution process is altogether different than the proceeding of the execution of award or decree, it cannot be said that the applicant has filed the same proceeding before two different forums and trying to have a forum shopping. I hold that this application is maintainable. The corporate debtor is liable to pay the financial debt of more than ₹ 1 lakh to the financial creditor and they committed default in paying the debt. Application admitted.
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