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2019 (7) TMI 1128 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIMaintainability of application - initiation of Corporate Insolvency Resolution Process - change the format for treating application under Section 7 - existence of debt or not - HELD THAT:- For the purpose of application under Section 7 in the Form-1 no advance notice or demand notice is required to issue, like Section 8(1) notice. In such case, it is always open to the parties to file Format-1 i.e. application under Section 7 after serving a copy of the same to the other side. It is not in dispute that after change the copy was not served on the Corporate Debtor. Therefore, prima facie one may accept that the party can take leave of the Adjudicating Authority to file a separate application under Section 7 after service of the same. Even if there is a dispute about debt amount, if it is rupees one lakh or more, Respondent may proceed for initiation of insolvency resolution process against the Corporate Debtor - one opportunity provided to the Appellant to state whether they intend to settle with the Respondent. Post the case ‘for orders’ on 25th February, 2019.
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