2023 (1) TMI 997

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..... Manish Paliwal and Ms. Megha Yadav , Advocates for R - 2 ORDER Heard learned counsel for the Appellant as well as learned counsel appearing for the Respondent. Learned counsel for the Resolution Professional has also appeared. This Appeal has been filed against the order dated 27.07.2022 passed by the Adjudicating Authority by which application filed under Section 7 by the Financial Creditor has been admitted. On several occasions, when the appeal was taken up, learned counsel for the Appellant submitted that he will approach the Respondent Financial Creditor for One Time Settlement and the adjournment was sought on 24.08.2022, 26.09.2022, 01.11.2022 and lastly on 25.11.2022. 2. Today, when the Appeal was taken, learned counsel for the....

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.... permitted to be raised. The Corporate Debtor admitted the debt and default in writing as well as orally. He admitted the default and it was stated that due to COVID, he could not make payment in time and prayed for certain further relief. 4. We have considered the submissions of learned counsel for the parties and perused the record. 5. The Adjudicating Authority in its order impugned has dealt with the submission raised by learned counsel for the Appellant on the ground of application being barred by 10A and in Para b(vii) following has been observed by the Adjudicating Authority: "(vii) It is submitted that: (a) Admittedly, the default in payment of interest as aforesaid occurred on September 30, 2019 and December 31, 2019 viz. th....