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2019 (5) TMI 761 - AT - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Financial Creditor - failure of the ‘Principal Borrower’ to pay the financial debt taken in the form of term loan - HELD THAT:- There is a debt which is more than ₹ 1 Lakh and the matter has been brought to the notice of the ‘Corporate Debtor’, the Adjudicating Authority wrongly rejected both the applications under Section 7 preferred by the Appellant; one against the ‘Principal Borrower’- (‘M/s. Cedar Infonet Private Limited’) and; another against ‘M/s. Golf Technologies Pvt. Ltd.’. Matter remanded to the Adjudicating Authority, New Delhi Bench, for admission of the case if record is complete, after notice to the parties - Once it is admitted, the other case against the ‘Corporate Debtor’ should not have been entertained for the same amount as the Appellant can claim only before the ‘Resolution Professional’ and same debt amount cannot be claimed in two different ‘Resolution Process’. Appeal allowed.
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