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TMI Blog2019 (1) TMI 786X X X X Extracts X X X X X X X X Extracts X X X X ..... The Appellant : Mr. Arjun Syal and Mr. Shreyan Das, Advocates For The Respondents : Mr. Apoorv Gupta, Mr. Amit Prasad and Mr. Kunal Seth, Advocates for R-3. Mr. Ashwini Mata, Senior Advocate assisted by Mr. Yugank Goel, Advocates for Phoenix ARC. Mr. Achal Gupta and Mr. Suresh Dobhal, Advocates. Mr. Sunil Kumar, Advocate. Mr. Sudhir Sud, one of the employees of the Corporate Debtor JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J . The Appellant- Mr. Anil Nanda , Shareholder of M/s. AKME Projects Limited - ( Corporate Debtor ) has challenged the order dated 17th April, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Court-II, New Delhi, whereby and whereunder, the application preferre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was also pleaded that it is believed that several employees such as the Applicant, one Mr. Sudhir Sood and Mr. Jitendra Pandey have been hand in glove with the aforesaid accused ex-employees . b) The notice issued under Section 8 of the I B Code does not bear the signature or sign on receipt by any person or employee at the registered office of the Respondent Company. c) The full and final settlement is fabricated and false and there is bonafide dispute over the final settlement between the parties. 6. There is nothing on the record to suggest that there is a pre-existence (bonafide) dispute raised by the Corporate Debtor . 7. In Innoventive Industries Limited Vs. ICICI Bank and Another (2018) 1 SCC 407 , the Hon ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 debtorit 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, which requires particulars of the applicant in Part I, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of such application, as the case may be. 29. The scheme of Section 7 stands in contrast with the scheme under Section 8 where an operational creditor is, on the occurrence of a default, to first deliver a demand notice of the unpaid debt to the operational debtor in the manner provided in Section 8(1) of the Code. Under Section 8(2), the corporate debtor can, within a period of 10 days of receipt of the demand notice or copy of the invoice mentioned of a dispute or the record of the pendency of a suit or arbitration proceedings, which is pre-existing- i.e. before such notice or invoice was received by the corporate debtor. The moment there is existence of such a dispute, the operational creditor gets out of the clutches of the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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