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2020 (8) TMI 644 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and default or not - HELD THAT:- The Ld. Adjudicating Authority have failed to consider the letter dated 27.12.2018 filed before this Tribunal at Page No. 17 vide Diary No. 18698 dated 06.02.2020 whereby refer to the minutes of the consortium meeting dated 18th September, 2018 the Syndicate Bank (Respondent No. 1) agreed to open further LCs in favour of the Appellant as the Appellant was going through cash difficulties and also agreed to restore the sanctioned limits of the Appellant. The LC limits to the extent of ₹ 46.50 Crores and further it was agreed that the amount which have been deposited in TRA, the amount will be paid to Respondent No. 1 after opening the TRA. There was no fault on the part of the Corporate Debtor - As the Ld. Adjudicating Authority failed to notice the aforesaid facts, the impugned order passed by National Company Law Tribunal, Division Bench-I, Chennai, is set aside. The Order(s) passed by the Ld. Adjudicating Authority appointing ‘Interim Resolution Professional / Resolution Professional’, declaring moratorium, freezing of account, and all other order(s) passed by the Ld. Adjudicating Authority pursuant to impugned order and action taken by the ‘Interim Resolution Professional / Resolution Professional’, including the advertisement published in the newspaper calling for applications, all such orders and actions are declared illegal and are set aside - application dismissed - appeal allowed.
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