TMI Blog2020 (5) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... icating Authority under the I B Code is not a Court of Law and it does not decide money claim or Suit . In any extent, the Appellant has failed to establish when there is any Debt recoverable from the Respondent Company and the occurrence of default. Taking note of attendant facts and circumstances of the instant case in an encircling manner this Tribunal comes to an inevitable and irresistible conclusion that the Impugned Order dated 17th September, 2019 in dismissing the Section 7 Application is free from any legal infirmities - Appeal dismissed. - Company Appeal (AT) (Insolvency)No. 1147 of 2019 - - - Dated:- 18-11-2019 - Justice S. J. Mukhopadhaya Chairperson And Justice Venugopal M. Member (Judicial) For the Appellant : Mr. Dhruv Madan, Mr. Vivek S.Bishnoi, Advocates For the Respondents : Mr. Rajan Sabharwal, Ms. Bhvya, Ms. Dipti Jain, Advocates JUDGMENT VENUGOPAL M. J. The Appellant/ Financial Creditor had projected the Application Under Section 7 of the Insolvency Bankruptcy Code, 2016 ( I B Code, for short) read with Rule 4 of the I B Code Rules, 2016 before the Adjudicating Authority praying to initiate Corporate Insolvency Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) repudiating the claim. 8. The Learned Counsel for the Appellant vehemently contends that the Impugned Order of the Adjudicating Authority ( National Company Law Tribunal ) Principal Bench, New Delhi dated 17th September, 2019 is a perverse one, besides the same being passed in a mechanical manner. 9. Yet another submission of the Learned Counsel for the Appellant is that the Adjudicating Authority ( National Company Law Tribunal ), Principal Bench, New Delhi had failed to consider that after the demise of the Appellant s mother, Appellant s claim was entered in the records of the Respondent/Company and further that no document was required from other Legal Heirs pertaining to the claim in issue. 10. The Learned Counsel for the Appellant submits that the Adjudicating Authority had wrongly rejected the Application Under Section 7 of the I B Code when there existed no Dispute between the parties. 11. The Learned Counsel for the Appellant proceeds to point out that the Adjudicating Authority had failed to appreciate that admittedly ₹ 7 crore was lying to the credit of Sawhney Builders Pvt. Ltd. and the same was transferred in Appellant s mother s Account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through the letter dated 25th November, 2006 for a period of two years upto 17th November, 2008 was not renewed. 17. On a cursory perusal of the Reply of the Respondent/ Corporate Debtor shows that Ms. Paramjeet Kaur Sawhney (since Deceased) left behind three Legal Heirs namely Shri N.P.S. Sawhney (Husband), Shri Hardeep Singh Sawhney (Son/Appellant/Petitioner) and Ms. Laveena Kharbanda (Daughter). 18. Added further, it is the plea of the Respondent/ Corporate Debtor that Appellant/Petitioner had approached the Respondent/Company to transfer the booking of Villa in the name of Ms. Paramjeet Kaur Sawhney (since Deceased) which has not submitted any will of Ms. Paramjeet Kaur Sawhney (since Deceased) or any (Registered Relinquishment Deed from his sister) in his favour to the Company. In fact, the father of the Appellant/Petitioner, as well as the Director of the Respondent/Company put pressure to transfer the said booking of Villa in the name of the Appellant. 19. The Respondent/Corporate Debtor in its Reply before the Adjudicating Authority ( National Company Law Tribunal ) Principal Bench, New Delhi had averred that all the Shareholders and Directors of the Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Account of Sawhney Export House with Sawhney Builders Pvt. Ltd. 25. It is also the case of the Respondent that in view of the fact that the husband of Ms. Paramjeet Kaur Sawhney (since Deceased) i.e. Mr. N.P. Singh Sawhney was one of the Directors of the Respondent/Company, he had obtained the receipt dated 21st April, 2014. 26. It must be borne in mind that the Adjudicating Authority while dealing with an application Under Section 7 of the Insolvency Bankruptcy Code, 2016 ( I B Code, for short) is not required to look into any other aspect for Admission of the Application except that he is satisfied with an act of default and had enquired that the Application was complete and any disciplinary proceedings were pending against the prospective Resolution Professional , which even he shall admit the Application. 27. To put it succinctly, if the Financial Debtor is able to establish the existence of Debt and the Corporate Debtor default, an Application was complete in all aspects, then the Application would be admitted. To sustain an Application Under Section 7 of the I B Code, the Applicant is to establish the existence of a Debt , which is due from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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