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TMI Blog2019 (7) TMI 1128X X X X Extracts X X X X X X X X Extracts X X X X ..... t that the party can take leave of the Adjudicating Authority to file a separate application under Section 7 after service of the same. Even if there is a dispute about debt amount, if it is rupees one lakh or more, Respondent may proceed for initiation of insolvency resolution process against the Corporate Debtor - one opportunity provided to the Appellant to state whether they intend to settle with the Respondent. Post the case for orders on 25th February, 2019. - Company Appeal (AT) (Insolvency) No. 105 of 2019 - - - Dated:- 1-2-2019 - Mr S. J. Mukhopadhaya, Chairperson And Mr Bansi Lal Bhat, Member (Judicial) For The Appellant : Mr. Vikram Pachnanda, Ms. Manisha Chaudhary, Mr. Mansumyer Singh, Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... file fresh application under Section 7, without notice, by serving a copy of same under Rule 4(3). Even if it is allowed, the Corporate Debtor may not get any advantage as they merely disputed the amount. 4. Learned counsel for the Appellant further submits that the debt is barred by limitation and therefore it can be argued that there is no debt payable in the eyes of law, thus application under Section 7 is not maintainable. However, we leave such question open. 5. In Innoventive Industries Ltd. Vs. ICICI Bank and Ors. (2018) 1 SCC 407 , the Hon ble Supreme Court observed and held as under:- 27. The scheme of the Code is to ensure that when a default takes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in part III, particulars of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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