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2022 (8) TMI 1454 - NATIONAL COMPANY LAW TRIBUNAL AHMEDABADMaintainability of application u/s 10 of IBC - initiation of CIRP - Inability to pay the debt of various Banks - whether the application is complete as per provisions of Section 10 (3) (a) (b) and (c) of the Insolvency and Bankruptcy Code, 2016? - HELD THAT:- The Insolvency and Bankruptcy Code, 2016 is a beneficial legislation inacted for resolution of Insolvency of the Corporate Person and, hence, only because any recovery proceedings is pending against the Corporate Person is not a ground to reject this application. Moreover, it is seen from the material available on record that this application was filed on 30.07.2021 whereas the HDFC Bank has given a notice under Section 13(2) of the SARFAESI Act, 2002 on 18.12.2021 i.e. after filing of this application. SBI has served the notice of default on 28.05.2021 i.e. 3 months prior to filing of this application. In short there is no material before us to show that the Corporate Person has filed this application with some ulterior motive. There is no dispute to the fact that the debt is more than One Crore payable by the Corporate Person to the various Banks and the Corporate Person committed default in paying the same. It is a fit case where the Corporate Person can be admitted in CIRP - Application admitted.
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