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2019 (9) TMI 968 - AT - Insolvency and BankruptcyMaintainability of application - Initiation of CIRP - Section 7 of Insolvency and Bankruptcy Code, 2016 - disputes between the Appellants and Respondent, pending proceedings in various Forums or not - pre-existing dispute or not - HELD THAT:- The amounts borrowed by the Respondent is a debt due and payable and it is borrowed against a time value of money. The Adjudicating Authority (NCLT, Chennai Branch, Chennai) is directed to admit the application under Section 7 of IBC after notice to Respondent, in case Respondent wants to settle claim before order of admission. Parties to appear before the Adjudicating Authority on 16.10.2019 for fixing the date of hearing.
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