TaxTMI 
TaxTMI 
2019 (6) TMI 1075
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....na Bank' (hereinafter referred to as 'Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code') has been admitted, moratorium slapped and Interim Resolution Professional appointed with certain directions. 2. At the very outset it was pointed out to learned counsel for the Appellant that in view of the dictum of the Hon'ble Apex Court laid down in "Innoventive Industries Ltd. Vs. ICICI Bank and Ors." - (2018)1 SCC 407, appeal at the instance of Corporate Debtor would not be maintainable. Contention of learned counsel for the Appellant that the appeal has been preferred through its Director (presently suspended) is not tenable inasmuchas neither the Director of the (suspended) B....
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....d some more time. It was further pleaded that the application under Section 7 of the I&B Code at the instance of Financial Creditor was not maintainable since OA No. 1194 of 2016 was pending for adjudication before the Debt Recovery Tribunal, Mumbai. The Corporate Debtor also appears to have expressed its willingness to seek a restructuring of the loan account in terms of the guidelines of the RBI. However, it did not dispute the liability in regard to the financial debt claimed by the Financial Creditor nor contested the allegation of default on its part. 5. The Adjudicating Authority taking note of the fact that the One Time Settlement (OTS) proposal made by the Corporate Debtor had been rejected by the Financial Creditor and that the '....
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.... Triggering of Corporate Insolvency Resolution Process on grounds of default of a debt that's payable in law or in fact is different from admission or rejection of a claim of a creditor during such process. 7. Section 7 of I&B Code providing for initiation of Corporate Insolvency Resolution Process by Financial Creditor came into force on 1st December, 2016. Remedy by way of triggering of insolvency resolution process on the ground of default committed qua the financial debt was admittedly not available to a Financial Creditor prior to such date. It is not disputed by learned counsel for the Appellant that the application under Section 7 of I&B Code came to be filed by the Financial Creditor on 12th October, 2018. The triggering of Corpor....