TaxTMI 
TaxTMI 
2020 (2) TMI 193
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....cture Company, has challenged the order dated 15th November, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, whereby it has been asked to give certain details, as follows: "The Corporate Debtor shall give details of the maintenance amount outstanding in respect of any of the 384 allottees who are members of the RWA/ petitioner. They shall also give separate details of this allottees who are not in default. The outstanding liability should be as per actuals and not with any interest or penalty. It is observed that while the Corporate Debtor may or may not be entitled to retain the one-time maintenance taken by them, the liability towards electricity etc. is an individual liability against ....
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....tenance deposit of those residents members of the RWA who are not in default should be handed over to the RWA in terms of the Agreement and ordered to list the case for orders on 25th November, 2019. 6. Mr. Rajiv Virmani, learned counsel appears on behalf of the Respondent- 'M/s. Vipul Greens Residents Welfare Association' (Applicant under Section 7) submits that it is a dilatory tactic of the 'Corporate Debtor' and contradictory Affidavits have been filed. In their reply, the 'Corporate Debtor' has made a counter claim and escalated the amount by giving further wrong Affidavit. 7. In "Innoventive Industries Ltd. v. ICICI Bank─ 2017 SCC OnLine SC 1025", the Hon'ble Supreme Court has already held as to how an application under Se....
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.... debt is owed and an operational debt under Section 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 subsection (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 requ....
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....n communicate the order passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be." 8. The Hon'ble President of India has recently promulgated an Ordinance furthering amendment in the 'Insolvency and Bankruptcy Code, 2016' published in the Gazette of India extraordinary Part IISection 1 dated 28th December, 2019 wherein in Section 7 of the principal Act, in sub-section (1), before the Explanation, the following provisos have been inserted:─ "Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an application for initiating corporate insolvency resolution process against the corporate debto....
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....0% of the allottees who are members of the allottees to maintain it. The Adjudicating Authority is required to take into consideration only the Form-1 and the enclosure therein but find out the default, if any and to proceed in accordance with law. Before the admission of the application under Section 7, the Adjudicating Authority has no jurisdiction to direct the 'Corporate Debtor' to deposit any amount to certain corpus or with regard to maintenance which may not be a subject matter of application under Section 7. 10. For the said reason, we set aside the impugned order dated 15th November, 2019 and remit the case to the Adjudicating Authority to decide the matter in accordance with law taking into consideration the fact whether the cl....