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TMI Blog2019 (6) TMI 833X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant and learned counsel for 'Bank of Baroda' and being satisfied of the grounds, delay of 7 days in preferring the appeal is condoned. I. A. No. 1415 of 2019 stands disposed of. 2. The Appellant claim to have purchased 'Hotel Brys Fort, Jaisalmer', one of the chain hotel of the Corporate Debtor - 'M/s Brys Hotel Pvt. Ltd.' and is in possession of the said hotel for last three years. It was in this background, the Appellant intended to get impleaded before the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi when the petition under Section 7 of the I&B code was filed by the 'Bank of Baroda'. The grievance of the Appellant is that the Adjudicating Authority by impugned order dated 4th February, 2019 reje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fined under Section 5(7) as a person to whom a financial debt is owed and a financial debt is defined in Section 5(8) to mean a debt which is disbursed against consideration for the time value of money. As opposed to this, an operational creditor means a person to whom an operational 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 mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ult has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under sub-section (7), the adjudicating authority shall then 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. ...x...x...x... 30. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a financial debt, the adjudicating authority has merely to see the records of the information utility or other evidence produced by the financial creditor to satisfy itself that a default has occ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional/ Resolution Professional will consider it in the light of explanation to Section 18(f) of the I&B Code. Even if, after that the Appellant has some grievance he can move before the Adjudicating Authority under Sub-Section 5 of Section 60 and thereafter, if his grievance is not resolved, he may prefer an appeal under Section 61 before this Appellate Tribunal. 6. In view of the aforesaid, the appeal is not maintainable. No infirmity has been found in order dated 4th February, 2019 and 18th March, 2019. The appeal stands disposed of with aforesaid observations. No costs. 7. We make it clear that we have not expressed any opinion with regard to the claim of the Appellant, which is required to be considered initially by the Interim Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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