options – to pass an admission order under Section
7(5)(a) or reject the petition under Section 7(5)(b). Thus, unless the
debt ... within the meaning of
Section 5(8)(12) of the IBC, and thus they have no claim under Section 7 of
the IBC
open to
contend that the limitation for filing application under
Section 7 IBC would be limited to Article 137 of the
Limitation Act and extension ... action under Section
7 IBC. However, Section 7 comes into play when the
corporate debtor commits “default”. Section 7 , consciously
uses the expression “default
under Section 7 ;
(b) By an operational creditor under Section 9 ; and
(c) By a corporate debtor under Section 10 .
(ii) The IBC ... Section 230 ;
(iv) Section 230(1) makes a reference to a liquidator appointed under the IBC
because when the provision of Sections 7
case, the appellant cannot
move an application under Sections 7 or 9 of the IBC since all purchase orders were
issued on 24 June ... services with corporate debtor” (Regulation 7(2)(i)).
26 Once the procedures under Section 8 of the IBC are completed by an
operational creditor
2023 (“Section 9 Petition”)
11
“Section 9 Order”
12
“IRP”
13
Company Petition (IB) No. 55/BB/2024 (“Section 7 Petition”)
14
“Section 7 Order ... under
section 7 , 9 or 10. –
The Adjudicating Authority may allow the withdrawal
of application admitted under section 7 or section 9
or section
Section 25(2)(h) of the IBC, the E-RP invited EOI on 18
October 2017 from prospective bidders, investors and lenders.
7 ... Section 30(6) of the IBC, clarifying that the issue of
CSEB’s vote would be taken up together with the application. On 7 March
performance
guarantee;”
The expression ‘financial creditor’ is defined in Section 5(7) thus:
“(7) “financial creditor” means any person to whom a financial
debt ... within the purview of the definition of ‘financial creditors’.
28 Section 7 of the IBC creates a statutory right in favour of financial creditors
Corporate Debtor, much less financial creditors, in terms of
Section 5(7) of the IBC. The submissions made in relation to the transaction
between ... Analysis
G.3.1 Relevant Provisions
41 Section 5 (7) of the IBC defines a financial creditor :
“(7) "financial creditor" means any person
brought into force Section 2(e) , Section 78 (except with regard to fresh
start process), Section 79 , Section 94 to 187, Sections ... ascertain” and “satisfies”.
34
Sub-section (7) of Section 99 contemplates a recommendation by a
resolution professional while sub-section (9) requires that the report
exclusion of the jurisdiction of civil
courts under Section 231 of the IBC; and
(c) IBC, being a special law, enacted after the Electricity ... PART G
(i) Once an application under sections 7 , 9 or 10 of the IBC is admitted by the
NCLT, it is conferred with
