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2017 (9) TMI 1781 - Tri - Insolvency and BankruptcyCorporate insolvency process - outstanding loan liability - Held that:- Objections raised by the Corporate Debtor Companies carry no force that the Applicant Bank cannot move an application under the I & B Code before this Court, while the JLF is considering or has seized of the issue of resolution plan for the Corporate Debtor or the Applicant Bank filed the present petition contrary to the guidelines issued by the RBI. Because in our humble opinion such objection/contention may sound high but remedy lie elsewhere not necessarily before this Court under the I & B Code We find that the objections as raised by the Corporate Debtor Companies are no longer relevant for rejecting the present petition under the I & B Code. Moreover, it is a matter of record that the Corporate Debtor Companies M/s. Rotomac Global Private Limited itself through its letter dated 14.03.2016 has admitted its loan liability to the extent of ₹ 3,100 Crores. Such being the factual position the Company is not able to repay its debts then its management cannot be expected to have a divine right to keep continue with the managing the affair of the company. Therefore, by considering the abovestated facts & circumstances of the present applications and by following the Judicial Trends, as settled we find that the present applications deserve for admission, hence, are admitted under Section 7 of I & B Code, 2016 with such consequential directions
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