2019 (2) TMI 1834

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..... l Bhat Member (Judicial) For the Appellants : Mr. Amit Dhall and Mr. Neeraj Malik, Advocates. For the Respondents: : Mr. Kunal Tandon, Ms. Niti Jain and Ms. Richa, Advocates. ORDER This appeal has been preferred by 'Mr. Naresh Kumar Dhingra and Others', Director of 'M/s JMD Oil Pvt. Ltd.' (Corporate Debtor) against order dated 11th December, 2018 passed by the Adjudicating Authority (National .....

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..... tive Industries Ltd. Vs. ICICI Bank and Ors. - (2018) 1 SCC 407", wherein the Hon'ble Supreme Court observed and held as under:- "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, the insolvency resolution process begins. Default is defined in Section 3(12) in very wide terms as meaning non-payment of a debt once it bec .....

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..... ncial 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 this, an operational creditor means a person to whom an operational debt is owed and an operational debt under Section 5(21) means a claim in respect of provision of goods or services. 28. When it comes to a financial creditor trigg .....

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..... III, particulars of the financial debt in part IV and documents, records and evidence of default in part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from .....

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..... uthority. Under sub-section (7), the adjudicating authority shall then communicate the order passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be." 3. As it is apparent that there is debt due payable by the Corporate Debtor in fact and they have not disputed it and the records being complete, we hold that the Adjudic .....

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