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2022 (4) TMI 428 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - Service of demand notice - pecuniary jurisdiction of this Tribunal - HELD THAT:- The claim amount in this Application is below the limits of the pecuniary jurisdiction of this Tribunal and hence, the Application cannot be entertained. Demand notice under Section 8 of IBC - HELD THAT:- The Counsel for the Operational Creditor relies on the judgment of Supreme Court in Macquarie Bank Ltd. Vs. Shilpi Technologies Limited, [2017 (12) TMI 850 - SUPREME COURT] wherein the Supreme Court held that a conjoint reading of Section 30 of Advocates Act and Section 8 and 9 of the Code together with the Adjudicating Authority Rules and Forms thereunder would yield the result that a notice sent on behalf of an Operational Creditor by a lawyer would be in order. It held that it has been held in Gariwala Case [1991 (9) TMI 349 - SUPREME COURT] , the expression "an Operational Creditor may on the occurrence of a default deliver a demand notice" under Section 8 of the Code must be read as including an Operational Creditor's authorized agent and lawyer, as has been fleshed out in Form Nos. 3 and 5 appended to the Adjudicating Authority Rules. In this case the Power of Attorney was given to one Mr. A.M. Sridhar by the Operational Creditor to issue notice in Form No. 3. The Counsel for the Operational Creditor contends that the said Power of Attorney would also empower the Power of Attorney Agent to appoint any Advocate practicing to issue notice. However, irrespective of the said Power of Attorney, in view of the Judgment cited above the notice issued by the Advocate would be a valid notice. Whether any debt is due to the Operational Creditor from the Corporate Debtor and whether the Corporate Debtor has committed any default in respect of the said debt and whether CIRP can be initiated against the Corporate Debtor? - HELD THAT:- There is no dispute that the debt is due to the Operational Creditor by the Corporate Debtor. But, for the said debt and default committed by the Corporate Debtor the initiation of CIRP cannot be done due to the debt being less than the pecuniary Limits of jurisdiction of this Tribunal. It however can recover the same by moving the appropriate forums. Petition dismissed.
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