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2020 (9) TMI 843 - AT - Insolvency and BankruptcyWinding up of Corporate Debtor - application under Section 7 of the I&B Code - HELD THAT:- Rule 11 is merely declaratory in the sense that this Tribunal is armed with inherent powers to pass orders or give directions necessa ry for advancing the cause of justice or prevent abuse of the Appellate Tribunal's process. Even in absence of Rule 11 this Appellate Tribunal, being essentially a judicial forum determining and deciding rights of parties concerned and granting appropriate relief, has no limitations in exercise of its powers to meet ends of justice or prevent abuse of its process. Such Powers being inherent in the constitution of the Appellate Tribunal, Rule 11 can merely be said to be declaring the same to avoid ambiguit y and confusion. Having said that, the Rule cannot be invoked to revisit the findings retuned as regards the assertion of facts and pleas raised in the appeal and it is not open to reexamine the findings on questions of fact, how-so-ever erroneous they may be. The mistake/error must be apparent on the face of the record and must have occurred due to oversight, inadvertence or human error. An application under Section 7 of the I&B Code admitted by the Adjudicating Authority being an independent proceeding has to be decided in t erms of the provisions of I&B Code and the insolvency resolution process has to proceed unhindered and notwithstanding pendency of any other proceedings. The bar only operates against the Corporate Debtor against whom a liquidation order has been made and not to a Financial Creditor or an Operational Creditor. The effect of this would clearly be that in terms of law laid down in 'Forech India Ltd.' application filed by 'SREI Equipment Finance Ltd. (Financial Creditor) under Section 7 of I&B Code would be maintainable. Therefore, there should be no difficulty in arriving at the conclusion that in para 5 of the judgment of this Appellate Tribunal an error has crept in as regards maintainability of application under Section 7 of the I&B Code filed by 'SREI Equipment Finance Ltd.' (Financial Creditor). The error has to be rectified. Appeal dismissed.
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