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2020 (8) TMI 495 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of dispute or not - HELD THAT:- After the ‘corporate insolvency resolution process’ was initiated on 25th March, 2018 and number of claims were filed by different ‘financial creditors’ and the ‘operational creditors’, the claims amounting to ₹ 3000 crores. In view of the said position, the Appellant – ‘Vishal Vijay Kalantri’ on behalf of the ‘Promoter’ sought time to settle the claim under Section 12A. The learned counsel for the Appellant wanted to highlight the merit to suggest that there is a ‘pre-existence of dispute’. However, as more than one and a half year has passed and as the matter remains pending since long because of the Appellant – ‘Vishal Vijay Kalantri’, the ‘Promoter’ would have settled the matter with the creditors and also sought time, we are not inclined to determine the initial issue whether there was a ‘pre-existing dispute’ or not. Even if, the proceedings is quashed on the ‘pre-existing dispute’, as admittedly there is a default of payment and it will regenerate other proceedings, which is not desirable. Admittedly, the ‘Committee of Creditors’ now approved the plan as submitted by the APSEZL’ with 99.68% voting share and approved on 19th September, 2019. The impugned order dated 25th March, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench is upheld and the appeals preferred by ‘Vishal Vijay Kalantri’ is dismissed and it is declared that both the appeals preferred by ‘APSEZL’ as infructuous - The matter stands remitted to the Adjudicating Authority to pass appropriate order under Section 31 of the I&B Code in accordance with law.
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