2023 (1) TMI 1421

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....on And Barun Mitra Member (Technical) For Appellant: Dr. Pankaj Garg, Mr. Milind Garg, Ms. Nikita Garg and Mr. Yksh Garg, Advocates. For Respondents: None ORDER Heard learned counsel for the Appellant. This appeal has been filed against the order dated 11.01.2023 by which order the Adjudicating Authority has admitted Section 7 application filed by the Financial Creditor. 2. The appl....

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....cation for restoration of petition being RA-32/2021 was filed by the Financial Creditor on which following order was passed on 22.11.2021: "RA-32/2021: This is restoration application filed by Authorised Representative of Financial Creditor. It is submitted that vide order dated 06.08.2019, the matter was withdrawn as settled. However, a liberty was granted to revive the Petition in the e....

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....t challenging the order contends that any debt which is due for breach of settlement cannot be a financial debt. He submits that there was no disbursement against the time value of money when there was settlement agreement, hence, the application ought not to have been admitted. In his submissions he relied on judgment of this Tribunal in "Amit Kumar Agrawal vs. Tempo Appliances Pvt. Ltd., 2020 SC....

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....nly a by-product which has permitted revival of Section 7 application but in no manner affect the claim in the original application which is financial debt under Section 7 application. 8. The judgment which has been relied by learned counsel for the Appellant was a case where there was settlement between the parties and on account of default in the settlement, application under Section 7 was fi....