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2018 (10) TMI 912 - AT - Insolvency and BankruptcyInitiation of ‘Corporate Insolvency Resolution Process’ - Held that:- While we accept that the appellant cannot raise any objection with regard to the evidence if filed by the respondent (Financial Creditor), but we are of the opinion that before giving hearing to the appellant (Corporate Debtor), Adjudicating Authority should have given an opportunity to file a reply in view of the decision of the Hon’ble Supreme Court in “Innoventive Industries Ltd. Vs. ICICI Bank and Ors.[2017 (9) TMI 58 - SUPREME COURT OF INDIA]. In the said judgment, Hon’ble Supreme Court in paragraph 28 etc., has allowed to the ‘Corporate Debtor’ to raise the objection. The Adjudicating Authority having failed to notice the aforesaid provision, we set aside the impugned order. If any reply is filed by the appellant within ten days, the Adjudicating Authority will take into consideration the same before passing order of admission or rejection of the application under Section 7 of the I&B Code. As we have granted ten days’ time to the appellant to file reply, we may also grant one week’s time to the respondent (Financial Creditor) to file rejoinder.
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