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TMI Blog2019 (10) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... rity is required to admit the application. The Respondent M/s Pashupati Jewellers having enclosed the copy of the Corporate Guarantee and Undertaking Agreement dated 7th April, 2017 instituted on e-Stamp, issued by Government of National Capital Territory of Delhi, it was not open to the Adjudicating Authority to deliberate on the issue whether e-Stamp is a forged document or not - Merely because a suit has been filed by the Appellant and pending, cannot be a ground to reject the application under Section 7 of the I B Code. Pre-existing dispute cannot be a subject matter of Section 7, though it may be relevant under Section 9 of the I B Code. Appeal dismissed. - Mr S. J. Mukhopadhaya, Chairperson, Mr A.I.S. Cheema, Member (Judicial) And M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited ( Corporate Debtor ) and, therefore, application under Section 7 of the I B Code is not maintainable. 3. We have heard the learned Counsel for the Appellant and perused the record. 4. Corporate Guarantee and Undertaking Agreement was executed on 7th April, 2017 is on record, which shows that the said Agreement is on e-Stamp, Indian Non Judicial issued by Government of National Capital Territory of Delhi. In the said e-Stamp, it has been clearly mentioned that the e-Stamp was purchased by Marigold Overseas Ltd. for the purpose of Loan Agreement. Merely, because the Appellant - Mr. Karan Goel has entered into as Director in May 2017, now cannot take a plea that the Corporate Guarantee and Undertaking Agreement dated 7th April, 2017 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate insolvency resolution process may be triggered by the corporate debtor itself or a financial creditor or operational creditor. A distinction is made by the Code between debts owed to financial creditors and operational creditors. A financial creditor has been defined 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 beco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titled to point out that a default has not occurred in the sense that the debt , which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default 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. 7. From the aforesaid finding of the Hon ble Supreme Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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