2019 (1) TMI 786

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....r, Advocate. Mr. Sudhir Sud, one of the employees of the 'Corporate Debtor' JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. The Appellant- 'Mr. Anil Nanda', Shareholder of 'M/s. AKME Projects Limited'- ('Corporate Debtor') has challenged the order dated 17th April, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Court-II, New Delhi, whereby and whereunder, the application preferred by the Respondent- 'Mr. Hari Kishan Sharma'- ('Operational Creditor') under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code' for short) has been admitted, order of 'Moratorium' has been passed and 'Interim Resolution Professional' has been appointed. 2. Learned counsel appearing on behalf of the Appellant submitted....

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....registered office of the Respondent Company. c) The full and final settlement is fabricated and false and there is bonafide dispute over the final settlement between the parties. 6. There is nothing on the record to suggest that there is a pre-existence (bonafide) dispute raised by the 'Corporate Debtor'. 7. In "Innoventive Industries Limited Vs. ICICI Bank and Another− (2018) 1 SCC 407", the Hon'ble Supreme Court explaining Sections 7 & 9 of the 'I&B Code' observed and held as follows: "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 ....

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....Section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution 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 adjudicatin....