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Judgment
The Appellant- 'Operational Creditor' filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) for initiation of 'Corporate Insolvency Resolution Process' against 'M/s. Gulf Petronergy Pvt. Ltd.'- ('Corporate Debtor') which having been dismissed by the impugned order dated 17th April, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Bench-III, New Delhi, the present appeal has been preferred.
Learned counsel for the Appellant submits that one 'M/s. Petrolube India Ltd.'- ('Corporate Debtor') assigned debt to one 'M/s. Gulf Petronergy Pvt. Ltd.'. However, such submission cannot be accepted.
A creditor is entitled to assign its debt to another person but a debtor cannot assign a debt payable by it to a third party in absence of any provision to assign debt of a debtor. This apart, as we find that there is pre-existence of dispute due to which the application under Section 9 is not maintainable, we are not inclined to interfere with the impugned order dated 17th April, 2018. The appeal is dismissed. No costs.