Financial debt and default upheld on record, leaving no basis to interfere with admission of the Section 7 application.

Proved financial debt and default supported admission of the Section 7 application, so the order was not interfered with. The existence of consortium lending facilities and outstanding dues was undisputed, and the borrower's reply to the SARFAESI notice did not deny liability but only sought time and referred to settlement efforts. Repeated opportunities had been given before the Adjudicating Authority, and the alleged settlements during appeal were not converted into payment or a completed proposal. On that record, the finding of debt and default was upheld and the appeal failed.

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Issues: Whether the order admitting the Section 7 application was liable to be interfered with in view of the proved financial debt and default.

Analysis: The existence of the consortium lending facilities and the outstanding dues was not in dispute. The borrower's reply to the SARFAESI notice did not deny liability, but only sought time and referred to settlement efforts. The record also showed that repeated opportunities were available before the Adjudicating Authority and that, during the appeal, the proposed settlements were not translated into payment or a completed proposal. On these facts, the finding that financial debt and default stood established called for no appellate interference.

Conclusion: The admission of the Section 7 application was upheld and the appeal failed.

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