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2019 (8) TMI 1036 - AT - Insolvency and BankruptcyApplication u/s 7 of the I&B Code - Appellant submitted that the recovery proceeding is already pending before the ‘Debt Recovery Tribunal’ (DRT) which is the subject matter of the application u/s 7 of the I&B Code. - Appellant submits that the amount of ‘debt’ is also in dispute and it cannot be held that there is a ‘default’ as the matter is pending for consideration in the Revision Application, which is pending before the ‘DRT’ - HELD THAT:- Even if a claim is disputed and if the amount payable is more than ₹ 1 lakh, the application u/s 7 of the I&B Code is maintainable. Mere pendency of the case before the DRT for adjudicating of such disputed amount cannot be a ground to reject the application u/s 7 of the I&B Code, if the Adjudicating Authority is satisfied that there is a ‘debt’ and ‘default’ and the application is complete. On the other hand, in view of Section 14 all such proceedings in respect of any debt will remain stayed and cannot proceed during the period of moratorium. For the reasons aforesaid, we are not inclined to interfere with the impugned order in appeal.
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