There is no requirement in the adjudication of Section 7 application to calculate and fix the exact amount of debt in default of repayment – Suzlon Synthetics Ltd. Vs. Ṣtressed Asset Stabilization Fund – NCLAT New Delhi
In the light of detailed provisions in Chapter IV (Proof of Claims) in the CIRP Regulations, 2016, the invitation, submission and verification of claims of operational and financial creditors, workmen and employees and other creditors is quite clear. In so far as the facts included in the Section 7 application in Form 1 application is concerned, the financial creditor as to provide information about the debt which is due and payable and also the date and record of default. There is no requirement in the adjudication of Section 7 application to calculate and fix the exact amount of debt in default of repayment. It is only to be seen whether the amount in default is more than the minimum or threshold value that is prescribed in Section 4 (1) of the IBC
