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2019 (4) TMI 942 - AT - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Operational Creditor - section 8 of Insolvency & Bankruptcy Code - HELD THAT:- Initiation of Corporate Insolvency Resolution Process at the instance of an Operational Creditor is provided for under the provision engrafted in Section 9 of the I&B Code, whereunder an Operational Creditor may file an application before the Adjudicating Authority for initiating a Corporate Insolvency Resolution Process after complying with the statutory requirements of Section 8. The status of parties respectively as Operational Creditor and Corporate Debtor was neither in issue before the Adjudicating Authority nor has the same been disputed before this Appellate Tribunal. It is also not disputed that the relations inter-se the parties in regard to the licensed premises are governed by the Leave and License Agreement which stipulates in unambiguous terms that the license fee @ ₹ 88 per sq. ft. per month shall be calculated on the basis of ‘super built up area’. Since the debt and default is established, the Adjudicating Authority will admit the application under Section 9 of I&B Code after providing an opportunity to the Respondent – Corporate Debtor to settle the claim of Appellant, if it so chooses - appeal allowed.
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