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2018 (9) TMI 1846 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIInitiation of Corporate Insolvency Resolution Process - Corporate Debtor - Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The initiation of Corporate Insolvency Resolution Process cannot be annulled merely on the ground of pendency of a petition under Section 19 of ‘The Recovery of Debts Due to Banks and Financial Institutions Act, 1993’. In fact in terms of Section 14 of I&B Code all such pending proceeding cannot proceed during the period of moratorium. Learned counsel appearing on behalf of the Appellant contended that there is no debt payable. However, when we asked the counsel to file an addition affidavit signed by the Appellant making specific statement that they have not received any amount or amount received has already been paid and therefore there is no debt or there is no default, it is informed by the counsel for the Appellant that such affidavit cannot be filed by the Appellant as the Corporate Debtor had taken loan from the Bank. Appeal dismissed.
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