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2019 (5) TMI 1935 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - definite amount and date of default, available or not - existence of debt and dispute or not - time limitation - HELD THAT:- In the present case, as it is not disputed that there is a debt which is more than ₹ 1 Lakh and the Corporate Debtor failed to pay the debt, we hold that the application under Section 7 was maintainable. On 7th December, 2018, it is observed that prima facie there is no merit in the appeal but the counsel for the Appellant informed that the Appellant intends to settle the matter therefore the matter was adjourned time to time. Even after six months as the matter was not settled, the case was heard on merit - Mr. Vipul Ganda, learned counsel for the Appellant initially argued the case and subsequently submitted that Mr. Ashok Oswal is interested to argue the case on merit. Inspite of the fact that the Appellant – Mr. Ashok Oswal has appointed the counsel, the Appellant are allowed to address the case on merit of the appeal. Mr. Ashok Oswal wanted to read written argument instead of arguing the case on merit. Nothing specific in his submission transpired. However, he is allowed to file written submissions by 8th May, 2019. The same have been filed on 8th May, 2019 vide Diary No. 11961. The written submission are repetition of the case put up by the Appellant which we have already referred in this Judgment earlier. The appeal is dismissed.
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