TMI Blog2019 (6) TMI 833X X X X Extracts X X X X X X X X Extracts X X X X ..... at there is no debt payable and no default, at the stage of admission of the petition. Except the Corporate Debtor, no other party has right to intervene at the stage of admission of a petition u/s 7 or 9. However, an aggrieved party may prefer an appeal if the order of admission affects the person. In the present case, we find that the order of admission dated 18th March, 2019 in no manner has cast any impact on the case of the Appellant. It is merely an order of admission of the application under Section 7 against the Corporate Debtor. In view of the provisions of the I B Code, in case, the Interim Resolution Professional or Resolution Professional wants to take possession of the Hotel namely Hotel Brys Fort, Jaisalmer , the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in this background, the Appellant intended to get impleaded before the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi when the petition under Section 7 of the I B code was filed by the Bank of Baroda . The grievance of the Appellant is that the Adjudicating Authority by impugned order dated 4th February, 2019 rejected the Impleadment Application filed by the Appellant and by subsequent order dated 18th March, 2019 admitted the application under Section 7. Both the aforesaid orders are under challenge in this appeal. 3. We have heard learned counsel appearing on behalf of the Appellant and learned counsel appearing on behalf of Bank of Baroda , the Hon ble Supreme Court in Innoventive In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of provision of goods or services. 28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. Under the explanation to Section 7(1), a default is in respect of a financial debt owed to any financial creditor of the corporate debtor - it need not be a debt owed to the applicant financial creditor. Under Section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor within 7 days of admission or rejection of such application, as the case may be. x x x 30 . On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a financial debt, the adjudicating authority has merely to see the records of the information utility or other evidence produced by the financial creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so long as the debt is due i.e. payable unless interdicted by some law or has not yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the adjudicating authority that the adjudicating authority may re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y prefer an appeal under Section 61 before this Appellate Tribunal. 6. In view of the aforesaid, the appeal is not maintainable. No infirmity has been found in order dated 4th February, 2019 and 18th March, 2019. The appeal stands disposed of with aforesaid observations. No costs. 7. We make it clear that we have not expressed any opinion with regard to the claim of the Appellant, which is required to be considered initially by the Interim Resolution Professional/Resolution Professional, if he intends to take possession of Hotel Brys Fort, Jaisalmer and thereafter, if so necessary to be decided by the Adjudicating Authority, uninfluenced by the observations made in this appeal. - - TaxTMI - TMITax - Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X
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