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2024 (5) TMI 570 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI - LBAdmission of Section 7 Application - default committed by Corporate Debtor in paying the amount due and payable - Non-performing assets - existence of debt and default or not - liability not denied - HELD THAT:- There is no dispute to the outstanding amount due on the Corporate Debtor. Sequence of events clearly indicate that at no stage Corporate Debtor has denied its liability. In reply to the notice under Section 13, sub-section (2) of the SARFAESI Act, the Appellant cited reasons for not making the payment, but liability to make payment was not denied. The Adjudicating Authority by the impugned order has found that Financial Creditor has been able to establish the factum of existence of financial debt and its default. The finding recorded by the Adjudicating Authority that there is a financial debt, which is in default, does not warrant any interference by this Tribunal in the present Appeal. Debt and default having been proved, the Adjudicating Authority has rightly admitted Section 7 Application filed by the Financial Creditor. Thus, no grounds have been made out to interfere with the impugned order in the present Appeal. There is no merit in the Appeal. The Appeal is dismissed.
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