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2022 (11) TMI 1397 - AT - Companies LawRejection of Section 7 petition filed by the Appellant for initiation of CIRP - arbitration proceedings initiated on personal guarantee - award in favour of the Appellant which award has already been put into execution by the Appellant - HELD THAT:- There is already an award to pay Cash Security of Rs. 3,64,58,785/- with interest, which award has already been put in execution by the Financial Creditor, this was reason good enough to refuse admission of Section 7 application. It has now been laid down by the Hon’ble Supreme Court in Vidarbha Industries Power Ltd. vs Axis Bank Limited [2022 (7) TMI 581 - SUPREME COURT] that admission of Section 7 application is not obligatory merely on proof of debt and default. The facts as has been noticed by the Adjudicating Authority are sufficient to refuse admission of Section 7 application - Appeal dismissed.
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