NCLT (Principal Bench) : In Technology Development Board vs. Logic Eastern (India) Pvt. Ltd. & Ors.

Tribunal is not supposed to ascertain the quantum of amount of default or to pass a decree as to how much is actually due to Financial Creditor.

Objection was raised by the Corporate Debtor was that there has been variance in the claims made by the Financial Creditor. The Tribunal state that as it may be the Corporate Debtor would be entitled to raise objection of any mismatching of dues before IRP / Committee of Creditors. In the present proceeding the Tribunal is not supposed to ascertain the quantum of amount of default or to pass a decree as to how much is actually due to Financial Creditor. The Code requires the Tribunal only to ascertain and record satisfaction in a summary adjudication as to occurrence of default before admitting the application. What is material is that the default is at least 1 Lakh. Once the default is Rs. 1 Lakh or more, the Code gets triggered in of Section 4 of the Code.

Link : https://www.casemine.com/judgement/in/5b57b21e9eff430b406f9287