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2019 (1) TMI 1718

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..... and the record is otherwise complete, the application is to be admitted. On the other hand, if there is no ‘debt’ payable in law or in fact then it is to be rejected. In that view of the matter we are not passing any specific directions, as the matter will be taken up on 16th January, 2019 we expect that the Adjudicating Authority (National Company Law Tribunal), Kolkata will pass appropriate order either admitting or rejecting the application under Section 7 of the I&B Code taking into the consideration. Except the applicant (financial creditor) and the ‘corporate debtor’, there is no requirement of hearing a third party including Intervenor at the stage of admission - Appeal disposed off. - Company Appeal (AT) .....

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..... to be admitted. On the other hand, if there is no debt payable in law or in fact then it is to be rejected. In that view of the matter we are not passing any specific directions, as the matter will be taken up on 16th January, 2019 we expect that the Adjudicating Authority (National Company Law Tribunal), Kolkata will pass appropriate order either admitting or rejecting the application under Section 7 of the I&B Code taking into the consideration of the decision of the Hon ble Supreme in M/s. Innoventive Industries Ltd. Vs. ICICI Bank Ltd. - (2018) 1 SCC 407 , wherein Hon ble Supreme Court observed as follows: 27. The scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, t .....

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..... rporate 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 requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in part III, particulars of the financial debt in part IV and documents, records and evidence of default in part V. Under Rule .....

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..... bt to the operational debtor in the manner provided in Section 8(1) of the Code. Under Section 8(2), the corporate debtor can, within a period of 10 days of receipt of the demand notice or copy of the invoice mentioned in sub-section (1), bring to the notice of the operational creditor the existence of a dispute or the record of the pendency of a suit or arbitration proceedings, which is pre-existing - i.e. before such notice or invoice was received by the corporate debtor. The moment there is existence of such a dispute, the operational creditor gets out of the clutches of the Code. 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 s .....

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