TMI Blog2021 (3) TMI 1431X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellant has grievance that the calculations made with regard to the amount outstanding is not correct as per the record, then documents of same can be looked into by the Resolution Professional in CIRP. As far as the admission of the Application is concerned, question required to be considered by Adjudicating Authority, was to see if financial debt was due and if default was of Rupees One Lakh. If the Application is otherwise complete, the Application is required to be admitted. In Judgement in the matter of M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK ANR. [ 2017 (9) TMI 58 - SUPREME COURT ], the Hon ble Supreme Court held that The later non-obstante clause of the Parliamentary enactment will also prevail over the limite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the Bankers Book of Evidence Act, 1891; that the Application should have been rejected as defective for want of certification and verification of the averments made; that the Agreement dated 11th February, 2015 was not admissible evidence as it was not property stamped. 3. The Adjudicating Authority had dealt with averments raised before it in the Impugned Order as under:- OBSERVATIONS 19. It is found, that the Petitioner Bank has submitted the documents duly executed by the Corporate Debtor and Guarantors along with a Certificate under the Banker s Book of Evidence Act, 1891, in support of their IB Petition for initiation of C.I.R.P. 19.1 The term Loan was sanctioned and released by the Petitioner Bank and the same was a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Affidavit, copy of which is at Page 50 of the Appeal. Referring to the contents of the Affidavit, the learned Counsel for the Appellant submits that the Affidavit did not disclose the facts that the Bank had sold mortgaged property and recovered money. Counsel states that the rate of interest charged by the Bank while making the calculations is also not as per the Agreement. It is also stated that the Corporate Debtor had made payments which did not reflect in the Application, filed under Section 7 of IBC. The stress of the argument of the learned Counsel for the Appellant is that in view of these facts, under Section 7(5)(b) of IBC, the Adjudicating Authority should have treated the Application to be incomplete and thus, the Adjudic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as grievance that the calculations made with regard to the amount outstanding is not correct as per the record, then documents of same can be looked into by the Resolution Professional in CIRP. As far as the admission of the Application is concerned, question required to be considered by Adjudicating Authority, was to see if financial debt was due and if default was of Rupees One Lakh. If the Application is otherwise complete, the Application is required to be admitted. 9. In Judgement in the matter of Innoventive Industries Ltd. V. ICICI Bank and Anr. reported as (2018) 1 SCC 407, the Hon ble Supreme Court had in para -27 observed as under:- 27. The scheme of the Code is to ensure that when a default takes place, in the sense that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Company Ltd. and Others 2019 SCC OnLine NCLAT 487, we held in para 15 as under:- From the above, it is clear that at the stage of admission of Application under Section 7, the requirement is to give limited Notice and the considerations would be to see whether or not satisfaction by Adjudicating Authority could be reflected on the basis of Sub-Section (5) of Section 7. If there is a financial debt, which is more than Rs.1 Lakh and there is a default and if the Application is complete, the Application would have to be admitted. The Corporate Debtor is entitled to point out that a default has not occurred in the sense that the debt which may include a disputed claim is not due. Corporate Debtor may point out that the debt is not du ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
