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2019 (9) TMI 588 - AT - Insolvency and BankruptcyMaintainability of application - Initiation of CIRP - Appellant submits that the Adjudicating Authority declared the Corporate Debtor as Non-performing Asset (NPA) is under challenge - HELD THAT:- As held in the case of M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR. [2017 (9) TMI 58 - SUPREME COURT], if there is a ‘debt’ payable by the ‘Corporate Debtor’ and ‘default is committed and default is of more than Rupees One Lakh, it is open to the Adjudicating Authority to admit the application u/s 7 based on the records. Learned counsel for the Appellant submitted that the matter should be remanded to the Adjudicating Authority to find out whether the ‘debt’ is payable or not. However, such prayer cannot be accepted as no plea was taken up by the ‘Corporate Debtor’ that no ‘debt’ is payable in the eyes of law or in fact. On the other hand, the ‘debt’ is payable to the ‘Corporate Debtor’ and the ‘default’ has been committed. Appeal dismissed.
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