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2019 (12) TMI 1525 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - applicant/respondent, seeking another opportunity to the to put forth its stand on admission of the application moved under Section 7 of the Code effectively - Financial Creditors - it was averred that the application was incomplete and as the OTS process was on, thus, default could not have been alleged and there is need to espouse the plea so raised and bring it home by putting forth the oral submissions - HELD THAT:- The right to hearing was given and availed by the learned counsel for the applicant/respondent in CP(IB) No. 250/Chd/Pb/2018. Therefore, reopening of the proceedings is not necessary. The terms of the sanction letter dated 27.12.2018 were not complied with by the applicant/respondent in CP(IB) No. 250/Chd/Pb/2018 and therefore, the sanction letter dated 27.12.2018 granting OTS was automatically cancelled. The novation of contract, if any, does not therefore arise in the present case where the OTS proposal is not complied with and automatically cancelled. The prayer for granting another opportunity to the applicant/respondent to put forth its stand on admission of the application moved under Section 7 of the Code effectively is denied - application dismissed.
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