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2017 (12) TMI 1544 - Tri - Insolvency and BankruptcyRelevancy of Initiation of proceedings under the SARFAESI Act to reject an application under Section 10 of the Insolvency and Bankruptcy Code - Held that:- In the present case, it has not been pleaded that the appellant-Corporate Debtor is ineligible in terms of Section 11 of the I & B Code. The Adjudicating Authority has noticed unrelated facts which are not required to be disclosed in terms of Section 10 or Form 6 and as the case also relates to third party suit or proceeding, and not the Corporate Debtor. In the circumstances, the Adjudicating Authority was not correct in rejecting the application on the ground of suppression of relevant facts. The Adjudicating Authority, having held that otherwise the application under Section 10 is complete and in absence of any ineligibility of appellant, it was incumbent on the part of the Adjudicating Authority to admit the appeal, having no jurisdiction to notice unrelated facts beyond the requirement under the I & B Code and the Forms prescribed under the Adjudicating Authority Rules. Case is remitted back to the Adjudicating Authority, Mumbai Bench to admit the application under Section 10 after notice to the parties if there is no defect.
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