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Insolvency and BankruptcyFebruary 13, 2024Case LawsAT
Admission of section 7 application - initiation of CIRP against the Corporate Debtor - existence of debt and default or not - When the Financial Creditor had repeatedly made it clear that they were strictly relying on the terms and conditions of the Settlement Agreement and that NoC would be released only after settlement amount was received, levelling of allegation by the Corporate Debtor that the Financial Creditor was responsible for their default is devoid of force and substance. - The moment the Adjudicating Authority is satisfied that a default has occurred, the Application is to be admitted unless it is incomplete. - NCLT rightly admitted the application.
Admission of section 7 application - initiation of CIRP against the Corporate Debtor - existence of debt and default or not - When the Financial Creditor had repeatedly made it clear that they were strictly relying on the terms and conditions of the Settlement Agreement and that NoC would be released only after settlement amount was received, levelling of allegation by the Corporate Debtor that the Financial Creditor was responsible for their default is devoid of force and substance. - The moment the Adjudicating Authority is satisfied that a default has occurred, the Application is to be admitted unless it is incomplete. - NCLT rightly admitted the application.
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