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2017 (10) TMI 34 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHICorporate Insolvency Resolution Process - Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - eligible debt - Held that:- Only after completion of the pleadings as well as arguments and when the Petition was reserved for orders, on 01.08.2017, a written submission dated 10.08.2017 it is seen had been filed on the part of the applicant in which a copy of the alleged takeover agreement dated 04.11.2016 was sought to be also included. This Tribunal is not inclined to take the said document into consideration as the same was filed subsequent to the order having been reserved and the same was not made available to the other side and thereby deprived of an opportunity to deny and counter the same. It is another matter that the respondent/'Corporate Debtor' has taken a plea that even after the alleged takeover date, the 'Corporate Debtor' claims that financial transactions have taken place between the said firm M/s J.P. Engineers and the 'Corporate Debtor' and that the said firm continues to exist even as of today. However, in the exercise of our limited jurisdiction we are not venturing into such exercise to ascertain the existence or not of the firm M/s J.P. Engineers. Finally the reconciliation statements on which great reliance has been placed, in itself shows that the parties have not yet arrived at a definitive figure which can be considered as an ascertained debt payable as in the case of say a confirmation of balance statement or acknowledgment of debt given by a Debtor to a Creditor and which payment has been defaulted by the 'Corporate Debtor, thereby giving rise to CIRP under IBC, 2016. Even otherwise, in view of the summary jurisdiction as well as limited time period enjoined by IBC, 2016 on the Tribunal to either admit or reject, parties cannot seek to convert the proceedings before this Tribunal into a civil court proceeding akin to a trial making this Tribunal to go through each and every entry as reflected in the respective account books and ascertain whether there is a 'debt' and a default has been committed warranting the initiation of CIRP
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