2017 (11) TMI 43

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....ND MR. S. K. MOHAPATRA, JJ. For The Financial Creditor : Ashish Virmani and Ms. Tanisha Khaitan, Advs. ORDER S. K. Mohapatra, Technical Member (Technical) 1. This is a joint application filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brev....

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....ent has not appeared till date. 4. As per Section 424 of Companies Act, 2013 the adjudicating authority is supposed to follow the rules of natural justice before passing any order. Reasonable opportunity has to be mandatorily provided by adjudicating authority before passing order, adhering to principles of natural justice. An insolvency resolution process can and may have adverse consequences ....

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....of existence of default based on material submitted by the corporate debtor and to find out whether the application is complete and or there is any other defect required to be removed." 6. It is pertinent to mention here that in the case of P. K. Oras (P) Ltd. v. Tractors India (P.) Ltd. [Company Appeal (AT) (Insolvency) No. 56 of 2017, dated 1-6-2017], as the Adjudicating authority had not giv....