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2019 (1) TMI 1566 - AT - Insolvency and BankruptcyRejection of application filed under Section 7 of the ‘I&B Code’ - appeal preferred by corporate debtor - presence of defect or not - HELD THAT:- The Adjudicating Authority is not required to decide mis-match of ‘debt’ occurred in one place or the other place and the mis-match of ‘debt’ cannot be a ground to reject the claim if the amount is due more than Rupees One Lakh and there is a ‘default’. Under Section 7(5), the Adjudicating Authority is to be satisfied that a ‘default’ has been occurred. If the ‘debt’ is more than Rupees One lakh, then the Adjudicating Authority is required to admit the application, except where there is defect, which can be removed within seven days from the date of receipt of the notice from the Adjudicating Authority. The Adjudicating Authority has not pointed out any defect in the sense the record is not complete - the Adjudicating Authority is directed to pass appropriate order under Section 7 of the I&B Code on merit after hearing the appeal on the next date without adjourning the matter, failing which this Appellate Tribunal will decide whether the application filed under Section 7 of the I&B Code is to be admitted or not. Appeal disposed off.
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