9911796707
TMI Blog2019 (9) TMI 1386X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent. While condoning the delay of 12 days in preferring the appeal, the appeal is hereby disposed of - Company Appeal (AT) (Insolvency) No. 954 of 2019 - - - Dated:- 16-9-2019 - [Justice S.J. Mukhopadhaya] Chairperson, [Justice A.I.S. Cheema] Member (Judicial) And Kanthi Narahari] Member (Technical) For Appellant: Mr. Ashish Dholakia, Mr. Apurve M. Gokhale, Mr. Gautam Bajaj and Mr. Shakir, Advocates ORDER This appeal has been preferred by the Appellant - Shareholder' of 'M/s. Shree Vaishnodevi Mills Pvt. Ltd.' against order dated 22nd July, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai, whereby and whereunder, an application under Section 7 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a liability of obligation 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 Company Appeal (AT) (Insolvency) No. 954 of 2019 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 disbur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority is to ascertain the existence of a default from the records of the information utility or on the 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 Company Appeal (AT) (Insolvency) No. 954 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
