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TMI Blog2018 (5) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... ion being complete, the Adjudicating Authority rightly admitted the application. In the present case, as the Chief Executive Officer of the Bank has signed Form 1, the application under Section 7 of the ‘I&B Code’ cannot be rejected. We find no merit in this appeal. It is accordingly dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... hority without taking into consideration the aforesaid facts. 4. Learned counsel appearing on behalf of the Appellant submitted that there is no default as per sub-section (12) of Section 3 as the 'Corporate Debtor' was under restructuring and in view of the decision taken by the Joint Lenders Forum. But such submissions cannot be accepted, as it is not in dispute that there was debt and the 'Corporate Debtor' failed to pay the debt to the 'Financial Creditor' within the time, which resulted in default and giving rise to the proceeding under Section 19 of the DRT Act. So far as the decision of the Joint Lenders Forum is concerned, on such ground an application under Section 7 cannot be rejected, in view of decision of the Hon'ble Supreme C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 5 parts, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor within 7 days of admission or rejection of such application, as the case may be." 5. In this case, as default is apparent and the Adjudicating Authority is satisfied that a default has occurred, the application being complete, the Adjudicating Authority rightly admitted the application. 6. Next, it was contended that the Authorised Representative of the 'Financial Creditor' has not signed Form 1 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. However, it has been pointed out by the Respondent ('Financial Creditor') that Form 1 has been signed by the Chief Executive Officer of the Bank. 7. In "Palogix Infrastructure Private Limited Vs. ICICI Bank Limited─ Company Appeal (AT) (I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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