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2019 (1) TMI 1718 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment - existence of debt and dispute or not - HELD THAT:- It has come to our notice that the ‘corporate debtor’ is from the state of ‘Odisha’ and the matter may be transferred to ‘National Company Law Tribunal’, Cuttack Bench which is likely to be opened on 22nd January, 2019. Therefore, the order under Section 7 required to be passed before the case is transferred and thereby prolongs. It is needless to say that if there is a ‘debt’ and ‘default’ and the record is otherwise complete, the application is to be admitted. On the other hand, if there is no ‘debt’ payable in law or in fact then it is to be rejected. In that view of the matter we are not passing any specific directions, as the matter will be taken up on 16th January, 2019 we expect that the Adjudicating Authority (National Company Law Tribunal), Kolkata will pass appropriate order either admitting or rejecting the application under Section 7 of the I&B Code taking into the consideration. Except the applicant (financial creditor) and the ‘corporate debtor’, there is no requirement of hearing a third party including Intervenor at the stage of admission - Appeal disposed off.
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