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2018 (8) TMI 1959 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - financial creditor or not - presence of debt and default or not - HELD THAT:- Application under Section 7 is filed in Form I which is in 5 Parts. It is not a recovery proceeding or a proceeding for determination of claim on merit, which can be decided only by a court of competent jurisdiction. Application under Section 7 or 9 or 10 of I&B Code being not money claim or suit and not being an adversarial litigation, the Adjudicating Authority is not required to write a detailed decision as to which are the evidence relied upon for its satisfaction. The Adjudicating Authority is only required to be satisfied that there is a ‘debt’ and default has occurred - In the present case the Adjudicating Authority has held that “a prima facie case has been made out” by the 1st Respondent/applicant. Such observations having made, the Adjudicating Authority expressed its final satisfaction both about existence of debt and default. The ‘corporate debtor’ has taken a plea that there is no debt or that default has not occurred. As the appellant is silent on such issue, in absence of any objection, we accept that the Corporate Debtor has not disputed the question of debt and default. Appeal dismissed.
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