2019 (9) TMI 588

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....' (for short, 'the I&B Code') against 'BHA Associates Private Limited' (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi having admitted the application against 'Mrs. Bela Juneja', who was Director of 'BHA Associates Private Limited' (Corporate Debtor). Learned counsel appearing on behalf of the Appellant submits that the Adjudicating Authority declared the 'Corporate Debtor' as 'Non-performing Asset' (NPA) is under challenge in view of the agreement. However, such submission cannot be accepted under 'Insolvency and Bankruptcy Code, 2016' (for short, 'the I&B Code'). It is not necessary to see whether 'debt' of 'Corporate Debtor' has become NPA in view of decision of the Hon'ble Supre....

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....ection 5(21) means a claim in respect of provision of goods or services. 28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. Under the explanation to Section 7(1), a default is in respect of a financial debt owed to any financial creditor of the corporate debtor - it need not be a debt owed to the applicant financial creditor. Under 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 ....