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2023 (1) TMI 1273 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHIRejection of Section 9 application - default in payment of the interest amount - Appellant had filed earlier an Application under Section 9 in the year 2017 which was withdrawn on settlement entered into between the parties - appellant contends that liberty was granted in the consent terms/settlement agreement that in event any breach is committed, the Application be revived - HELD THAT:- The Adjudicating Authority did not commit any error in rejecting Section 9 Application. It has been laid down by the Hon’ble Supreme Court in SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [2019 (1) TMI 1508 - SUPREME COURT], IBC is not a recovery proceeding and the Application which has been filed by the appellant in the present case is only the application for recovery of balance amount of the interest and application was not filed for resolution of any insolvency of the Corporate Debtor. Thus, no error has been committed by the Adjudicating Authority in rejecting Section 9 Application filed by the Appellant. There is no merit in the Appeal, the Appeal is dismissed.
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