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2017 (11) TMI 420 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - proof of outstanding debt - Held that:- We are of the opinion that any decision made by the Joint Lenders Forum is not binding on the Financial Creditor, as the members have not disbursed any financial assistance. The Corporate Debtor therefore cannot seek to take refuge under their resolutions in order to avoid an Insolvency Resolution process, nor can they resist the Financial Creditor’s entitlement for recovery under the Code on the basis of some underlying motive, supposedly resulting in some economic detriment or prejudice to national interests, as perceived by them. The correct recognition of National Interest is adherence to the rule of law impartially applicable without exceptions to one and all. The factum of an outstanding amount is admitted by the Corporate Debtor. Their inability to pay mandates Corporate Insolvency Resolution Process. This petition is, therefore, Admitted. The moratorium envisaged under Section 14 of the Code come into immediate effect.
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