2023 (4) TMI 507

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....nkruptcy<br>[ Justice Ashok Bhushan ] Chairperson And [ Mr. Barun Mitra ] Member ( Technical ) For Appellant: Mr. Akshat Hansaria , Mr. Tanmay Arora , Advocates ORDER Heard Learned Counsel for the Appellant. 2. This Appeal has been filed against the Order dated 05th January, 2023 passed by the Adjudicating Authority by which Section 7 Application filed by the Appellant has been rejecte....

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....al Creditor claiming the amount from the Corporate Debtor. 4. The Corporate Debtor opposed the Section 7 Application and submitted that the Corporate Debtor has only acted as facilitator to give the financial facility to the ILFS entity and since under the RBI Directives ILFS was unable to lend any financial facility to its subsidiary this mechanism was adopted and in fact it was not genuine lo....

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....ned Counsel for the Appellant and perused the record. 8. The Adjudicating Authority after noticing the submissions of the parties has also relied on letters issued by ITNL which has issued an awareness letter to loan given by MP Border i.e. subsidiary of the ILFS dated 29th March, 2018 and further has referred to another Letter dated 07th October, 2022 which was sent to the Corporate Debtor by ....

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....the present matter the Financial Creditor is treating this one leg of transaction in isolation as against the complete transaction where the lender and borrower are both IL&FS group. In light of the facts of the case the claim of the Petitioner should be set-off between the IL&FS group companies. 18. The principle set out above applies squarely to the present case. The ability of the Resp....