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TMI Blog2017 (12) TMI 1451X X X X Extracts X X X X X X X X Extracts X X X X ..... 12-2017 - Mr. S.J. Mukhopadhaya, Mr. A.I.S. Cheema And Mr. Balvinder Singh For The Appellant : Mr. Basav Prabhu S. Patel, Senior Advocate with Mr. Shailesh Madiyal and Mr. Mrigank Prabhakar, Shri Geet and Ms. Shivani Srivastava, Advocates JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J This appeal has been preferred by Appellant- Sobha Limited ( Operational Creditor ) against the order dated 29th July, 2017 passed by Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai in Company Petition Nos. 593 1085/I BP/NCLT/MAH/2017 whereby and whereunder the application preferred by the Appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as I B Code ) against the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Creditor . After notice under Section 434 of the Companies Act, 1956, the Corporate Debtor also admitted the due amount ₹ 2,84,48,027/-, as regards to work at Durgapur, West Bengal, but no payment was made. 5. From the record we find that the Operational Creditor initially issued notice dated 25th January, 2017 under sub-section (1) of Section 8 of the I B Code on the Corporate Debtor demanding payment of ₹ 6,25,42,007.04/- as due on 19th January, 2017. It followed by an application under Section 9. However, as the Appellant- Operational Creditor failed to enclose a financial certificate, the Operational Creditor withdrew the application filed under Section 9 of the I B Code and subsequently filed another appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent. 10. In spite of service of notice, Corporate Debtor has not appeared nor filed any counter affidavit. 11. Having heard learned counsel for the appellant, while we agree that initiation of Corporate Insolvency Resolution Process under I B Code cannot be nullified by any order passed by SEBI nor can be a ground to reject an application under Section 9 of the I B Code but as there is an existence of dispute with regard to the invoices raised by the Appellant- Operational Creditor , we hold that the application under Section 9 of the I B Code was not maintainable. 12. We find no merit in this appeal. It is accordingly dismissed. However, in the facts and circumstances of the case, there shall be no order as to costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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