TMI Blog2019 (11) TMI 1663X X X X Extracts X X X X X X X X Extracts X X X X ..... vident that even if the amount is disputed, if the claim is more than Rupees One Lakh, the Corporate Insolvency Resolution Process can be initiated. The impugned order passed by Adjudicating Authority need not be interfered. However, the Appellant is allowed to settle the claim with all the claimants in terms of Section 12A of the I B Code, if the Appellant so chooses - appeal disposed off. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed counsel for the Appellant submitted that there is a pre-existing dispute and referred to legal notice given by the Operational Creditor dated 19th December, 2018 to which reply was given by the Corporate Debtor on 24th January, 2019. However, from the reply dated 24th January, 2019, we find that the Appellant has disputed the quantum of the payment but there is no dispute with regard to the ser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt 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 Code between debts owed to financial creditors and operational creditors. A financial creditor has been defined under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the Committee of Creditors has not been constituted. There is a Financial Creditor whose claim is ₹ 9 Crore. 6. In fact and circumstances, we are not inclined to interfere with the impugned order passed by Adjudicating Authority. However, we allow the Appellant to settle the claim with all the claimants in terms of Section 12A of the I B Code, if the Appellant so chooses. 7. The A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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