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2020 (2) TMI 392 - Tri - Insolvency and BankruptcyConducting the Corporate Debtor's insolvency resolution to admit the Applicant's claim - disqualification/removal of such members from the purported Committee of Creditors with voting share proportionate to its amount of claim - HELD THAT:- A Financial Creditor is to submit a claim in respect of a Financial debt which is an ascertained liability due from the debtor. There are several types of "financial debts", as defined in section 5(8) of the Code. There should be an apparent "default" for non-payment of an ascertained and definite liability. Therefore a debt should be a clear, definite and ascertainable and must not be in dispute or doubtful. A doubtful or disputed debt is a subject matter of Civil Proceedings and therefore, within the domain of Civil Courts to decide the dispute about the debt contested by both the sides. As far as the scope and ambit of Insolvency Code is concerned, this Bench is not having jurisdiction to settle a disputed debt. The scope of Insolvency Code is to proceed in respect of an undisputed debt, the payment of which is defaulted. This Bench under Insolvency Code is not constituted to settle Civil disputes. Only in respect of a defined and unambiguous debt the Insolvency Proceedings are to be commenced. In the past on several occasions the alleged claim of this Applicant had already been rejected by several Judicial Forums, therefore, respectfully following the reasoning of rejection already assigned therein, we hereby conclude that this transaction has rightly been rejected by the RP and as a consequence this Application is also rejected - Application rejected.
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