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2022 (4) TMI 524 - Tri - Insolvency and BankruptcyAdmission of claim of applicant, as Operational Creditor - stay on further process of CIRP of the Corporate Applicant - HELD THAT:- It is an admitted fact that the Corporate Debtor had entered into an agreement with Applicant in around 1997 and when the dispute had arisen under the said contract, the Applicant had filed a suit before Ld. Senior Civil Judge, Bhavnagar in 1999. The Ld. Senior Civil Judge, Bhavnagar after adjudication of the matter passed a decree followed by a judgment in 2015 in favour of the Applicant. It is noted that the Corporate Debtor had filed a counter claim before the Ld. Senior Civil Judge, Bhavnagar however the same was rejected while passing decree. Being aggrieved by the decree, the Corporate Debtor approached the Hon'ble High Court - During the pendency of the appeal and execution proceeding the Corporate Debtor filed an application under Section 10 of the Code for initiation of CIRP of itself in 2019. It is noted that in the Section 10 Application the order was passed on 08.03.2021 initiating CIRP against Corporate Debtor. When the IRP had issued a demand notice dated 24.03.2021 on the Applicant for ₹ 17,15,703/-, the Applicant apprised the RP about the decree and pendency of appeal before Hon'ble High court and execution proceeding. The Resolution Professional has errored in registering the claim of the Applicant at a notional value of ₹ 1 but should have admitted the entire decretal amount of ₹ 21,79,88,328.04 (₹ 7,39,31,941/- plus interest at 9% p.a. and cost of suit) in terms of the Decree passed by the Learned Senior Civil Judge, Bhavnagar - Application allowed.
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