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2018 (11) TMI 1689 - AT - Insolvency and BankruptcyMaintainability of application - Initiation of CIRP - Corporate debtor - Failure to pay the debt and having defaulted to pay the amount - Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In view of the fact that there was a default on the part of the ‘Corporate Debtor’ and the application filed by the ‘Financial Creditor’- ‘L&T Finance Limited’ was in order, the Adjudicating Authority having admitted the application, we find no ground to interfere with the said impugned order. Settlement with the ‘Financial Creditor’- ‘L&T Finance Limited’ - HELD THAT:- If Settlement has been made, on the basis of such settlement, we cannot grant any relief. It is informed that in the meantime, the order of liquidation has been passed on 20th September, 2018 against which the Appellant has also moved an appeal before this Appellate Tribunal and is pending consideration. While we do not grant any relief to the Appellant, we make it clear that this order will not come in the way of the parties to settle the matter, if they do not want liquidation and may move before the appropriate forum for appropriate relief - Appeal disposed off.
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