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2021 (6) TMI 114 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors or not - existence of debt and dispute or not - HELD THAT:- It is noted that eight (8) Section 9 applications are pending out of which three (3) are pending before Court No. 1 and five (5) are pending before Court No. 2. One application under Section 7 of IBC, 2016, i.e., CP(IB) No. 276 of 2020 is also pending. Four applications which have been disposed of would have to be revived if the order of CIRP is set aside. Apart from this situation, I state that no financial plan has been provided to us so as required since beginning so that we could consider the claim of the applicant as per law. As without such plan no effective purpose can be envisaged by setting aside of one CIRP order particularly when the Hon'ble NCLAT has itself, in recent orders held that IBC is a time-bound process and time-lines must be adhered to. Hence, all old petitions need to be disposed of ASAP. Discretion to prepone the matter needs to be utilised in a cautious manner - matter be heard on 01.03.2021 which is also the conclusion of the Learned Judicial Member.
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