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2018 (6) TMI 859 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - maintainability of application - neither the applicants were covered by definition of expression ‘financial creditors’ nor the claimed amount could be regarded as ‘financial debt’- Held that:- While resisting the admission of the petition learned counsel for the Corporate Debtor has raised the argument that for finalization of joint proposal with various customers the matter is also pending before Hon’ble Delhi High Court, Mediation Centre, New Delhi wherein after several rounds of discussion held with various investors a proposal to complete the project has been formulated and mediation process is going on daily basis. We are afraid that we cannot accept the pending mediation process as a basis for rejecting the prayer for triggering the Corporate Insolvency Resolution Process in respect of the Corporate Debtor. There is no provision in the Code which might create such a bar. We reject the aforesaid objection. We have taken notice of the averments made in the interveners’ applications and the order passed by Learned Chief Metropolitan Magistrate, Tis Hazari Court, New Delhi. At the outset it is pertinent to point out that the order dated 23.12.2017 [Annexure-II (colly)] shows that between the applicants/interveners and the Directors of the Respondent-Company, mediation process is going on. As we have already observed in preceding para that the pendency of the mediation process between the Directors of the Respondent-Company and the applicants/interveners would not cause any impediment with regard to initiation of Corporate Insolvency Resolution Process because under Section 7 of the Code the pendency of a mediation process is no bar to the admission of the petition and initiation of Corporate Insolvency Resolution Process. We proceed to entertain the petition and leave the applicants/interveners to choose their remedy in accordance with law.
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