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TMI Blog2018 (8) TMI 1959X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 7 or 9 or 10 of I B Code being not money claim or suit and not being an adversarial litigation, the Adjudicating Authority is not required to write a detailed decision as to which are the evidence relied upon for its satisfaction. The Adjudicating Authority is only required to be satisfied that there is a debt and default has occurred - In the present case the Adjudicating Authority has held that a prima facie case has been made out by the 1st Respondent/applicant. Such observations having made, the Adjudicating Authority expressed its final satisfaction both about existence of debt and default. The corporate debtor has taken a plea that there is no debt or that default has not occurred. As the appellant is silent on such issue, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar Impex Pvt Ltd' (Corporate Debtor) was granted loan to the extent of US$ 5,300,000.00 (Five million three hundred thousand United States dollars) by "Stanbic Bank Ghana Limited" (1st respondent). It is also not in dispute that 'M/s Rajkumar Impex Pvt Ltd', is the holding company of 'Rajkumar Impex Ghana Limited', who executed 'guarantee' in favour of "Stanbic Bank Ghana Limited" (1st respondent), and became the 'corporate guarantor'. In the aforesaid background, we hold that the 1st Respondent comes within the meaning of 'Financial Creditor', as defined under Section 5(7) read with Section 5(8)(h) of I&B Code. 4. Learned Senior Counsel appearing on behalf of the appellant submitted that the Adjudicating Authority has not recorded their s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or. 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 the financial debt in Part IV and documents, records and evidence of default in Part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication under Section 7 is filed in Form I which is in 5 Parts. It is not a recovery proceeding or a proceeding for determination of claim on merit, which can be decided only by a court of competent jurisdiction. Application under Section 7 or 9 or 10 of I&B Code being not money claim or suit and not being an adversarial litigation, the Adjudicating Authority is not required to write a detailed decision as to which are the evidence relied upon for its satisfaction. The Adjudicating Authority is only required to be satisfied that there is a 'debt' and default has occurred. 10. In the present case the Adjudicating Authority has held that "a prima facie case has been made out" by the 1st Respondent/applicant. Such observations having made, w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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