TMI Blog2019 (9) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... cating Authority may give one opportunity to the Corporate Debtor to do so instead of admitting the application. - Company Appeal (AT) (Insolvency) No. 701 of 2019 - - - Dated:- 10-7-2019 - Mr S.J. Mukhopadhaya, Chairperson, Mr A.I.S. Cheema, Member (Judicial) And Mr Kanthi Narahari, Member (Technical) For The Appellant : Mr. Vijay K. Singh and Ms. Kanishka Prasad, Advocates For The Respondent : Mr. Yugank Goel and Ms. Shivani Rawat, Advocates ORDER ICICI Bank Limited filed application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ( I B Code for short) against Gwalior Bypass Project Limited - ( Corporate Debtor ) which havi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation in respect of a claim and for the meaning of claim , we have to go back to Section 3(6) which defines claim to mean a right to payment even if it is disputed. The Code gets triggered the moment default is of rupees one lakh or more (Section 4). The corporate insolvency resolution process may be triggered by the corporate debtor itself or a financial creditor or operational creditor. A distinction is made by the Code between debts owed to financial creditors and operational creditors. A financial creditor has been defined under Section 5(7) as a person to whom a financial debt is owed and a financial debt is defined in Section 5(8) to mean a debt which is disbursed against consideration for the time value of money. As opposed to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of Section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the debt , which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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