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2019 (3) TMI 1337 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHICorporate insolvency process - application under Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- There being a debt and default and the application being complete, the Adjudicating Authority admitted the application under Section 7. The Appellant submits that the ‘Corporate Debtor’ is a solvent Company and amount is lying in the Escrow Account and they intend to settle the claim. The ‘Corporate Debtor’ wanted six months’ time to settle the matter but such time was not granted. Such ground cannot be taken into consideration to set aside the impugned order of admission dated 14th December, 2018. We make it clear that this order will not come in the way of the Appellants or Shareholders of the ‘Corporate Debtor’ to settle the claim of the creditors and take advantage of Section 12 A of the ‘I&B Code’, to which, no objection raised by the 1st and 2nd Respondents.
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