TMI Blog2018 (9) TMI 1998X X X X Extracts X X X X X X X X Extracts X X X X ..... e S.J. Mukhopadhaya (Chairperson) And Justice Bansi Lal Bhat (Member (Judicial) JUDGMENT This appeal has been preferred by the appellant, Shareholder of M/s. Arohi Infrastructure Private Limited (Corporate Debtor) against order dated 20th March, 2018 (wrongly mentioned 2017) passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai whereby and whereunder an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the I B Code) filed by M/s. Tata Capital Financial Services Ltd. against the Corporate Debtor has been admitted, order of moratorium has been passed and Resolution Professional has been appointed. 2. Learned counsel appearing on behalf of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Company Appeal (AT) (Insolvency) No. 219 of 2018 professional in Part 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such a dispute, the operational creditor gets out of the clutches of the Code. As the question of existence of dispute does not arise in a petition under Section 7 of the I B Code, the application cannot be rejected on the ground of existence Company Appeal (AT) (Insolvency) No. 219 of 2018 of dispute due to the pendency of the arbitration proceedings. The fact that there is a debt due to Financial Creditor and the Corporate Debtor defaulted to pay the amount has not been disputed. Therefore, the application cannot be rejected. 4. It was next contended that the Financial Creditor has filed an application under Section 433 and 434 of the Companies Act, 1956 for winding up of the Company which stands transferred before the National Com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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