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2020 (9) TMI 1261 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - time limitation - Conflicting orders have been passed by the two Members comprising the Bench of Adjudicating Authority (National Company Law Tribunal) - mandate of Section 419(5) of the Companies Act, followed by the two members or not - HELD THAT:- It is deemed appropriate to dispose of this appeal with direction to the same Bench of the Adjudicating Authority, which passed two conflicting orders, to make a reference to Hon’ble President, NCLT, if not already made, in terms of Section 419(5) of the Companies Act, 2013, for hearing on the issues and points on which the two Members of the Bench had divergent view in the split verdict so that the matter is placed before a third Member for hearing and the Company Petition is decided in accordance with the opinion of the majority of the Members who heard the case including the member before whom it is placed. Matter to be referred to Hon’ble President, NCLT - the appeal is accordingly disposed of.
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