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2019 (9) TMI 415 - AT - Insolvency and BankruptcyApplication u/s 7 of the Insolvency and Bankruptcy Code, 2016 - ‘Corporate Debtor’ failed to pay the debt and default occurred - HELD THAT:- Adjudicating Authority found that there is a debt and default and the application filed by the ‘Financial Creditor’ was complete, we find no infirmity in the impugned order of admission. We observe that if the ‘Financial Creditor’ satisfies all the requirements, the Adjudicating Authority has no discretion to reject the application or defer it unless the ‘Corporate Debtor’ submits that they intend to settle the claim. Only if such request is made to settle the claim, the Adjudicating Authority may give one opportunity to the ‘Corporate Debtor’ to do so instead of admitting the application.
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