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2023 (11) TMI 377 - AT - Insolvency and BankruptcyMaintainability of application 9 application - failure in remitting the funds - Corporate Debtor showed his readiness and willingness to make the entire payment. Operational Creditor submits that the debt of the Operational Creditor having been acknowledged by the Corporate Debtor, which is due and has not been paid by the Corporate Debtor inspite of repeated assurances, the Adjudicating Authority committed error in not admitting Section 9 Application. HELD THAT:- The present is not a case where Adjudicating Authority has directed the Corporate Debtor to settle the dispute with the Operational Creditor. It was the Corporate Debtor, who acknowledged and showed his readiness and willingness to make the entire payment. The judgment of the Hon’ble Supreme Court in E.S. Krishnamurthy [2021 (12) TMI 683 - SUPREME COURT] does not help the Appellant-Corporate Debtor in any manner. The next judgment of this Tribunal relied by learned Counsel for the Corporate Debtor is judgment of this Tribunal in Praveen Kumar Mundra vs. CIL Securities Ltd. [2019 (8) TMI 783 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], where the Appeal preferred against the order, rejecting Section 9 Application was heard. The Appellate Tribunal in the above case in paragraph 9 has upheld the order of the Adjudicating Authority on the ground that the Appellant has initiated CIRP with fraudulently and malicious intent, which judgment has no application in the present case. Present is a fit case to admit when inspite of several promises and acknowledgement, the Corporate Debtor failed to pay the outstanding debt. The Corporate Debtor also has not complied with the order of the Adjudicating Authority directing for depositing the amount equivalent to Indian Rupee in the Court, instead it cited certain regulatory procedure in obtaining the permission for remitting the amount, which order was also not complied by the Corporate Debtor - the Adjudicating Authority ought to have admitted Section 9 Application. Appeal disposed off.
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