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2019 (12) TMI 1531 - Tri - Insolvency and BankruptcySeeking for admission of the Company Petition - section 7 of IBC, 2016 - HELD THAT:- This matter needs to be settled in a shortest possible time frame failing which the Corporate Debtor be put under CIRP. We find that Hon’ble Appellate Tribunal while disposing the appeal directed this Adjudicating Authority to admit the application under section 7 of IBC, 2016 but with some caveat. This Authority has to admit Corporate Debtor in CIRP but before that Corporate Debtor must be given opportunity to settle the claim with the Bank. However, there are no record produced either by the Bank or by the Corporate Debtor indicating as to what steps they took to settle the claim - on due consideration of all facts and circumstances of the case and considering the directions of the Hon’ble NCLAT, four week’s time is granted from the date of receipt of this order to the Corporate Debtor to convene the meeting of creditors as per the relevant provisions of the Companies Act, 2013 and get the approval of the scheme of arrangement. The matter be listed for hearing on 16.01.2020. Interim order to continue till then - application disposed off.
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