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2019 (9) TMI 25 - AT - Insolvency and BankruptcyAdmissibility of application - Initiation of CIRP - existence of debt or not - Section 9 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Adjudicating Authority has not applied its mind nor gone through the application under Section 9 (Form 6) to find out whether there is debt payable or not. It has simply rejected the application on the ground that there is no contract between the parties which cannot be a ground. It is not the case of the Respondent that there is a pre-existing dispute. The Respondent has not pleaded and nor the Adjudicating Authority held that there is no record of debt or default. In this background, merely on the ground that there is no agreement reached between the parties, it was not open to the Adjudicating Authority to reject application under Section 9 preferred by the Appellant. From the decision of the Hon’ble Supreme Court in the case of M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR. [2017 (9) TMI 58 - SUPREME COURT], it is clear that the Adjudicating Authority is only required to notice as to whether there is a debt and default or not. It was open to the Respondent (Corporate Debtor) to take plea that there was no debt payable in law or in fact but no such plea was taken. Therefore, as per decision of the Hon’ble Supreme Court, if the record is complete and debt is payable, it was duty of the Adjudicating Authority to admit the application. The case remitted to the Adjudicating Authority for passing appropriate order - appeal allowed by way of remand.
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