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2017 (12) TMI 1148 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHICorporate Insolvency Resolution Process - proof of eligible debt - Held that:- While the petition was pending we granted numerous opportunities to the Financial Debtor for settlement with the Financial Creditor. In that regard reference may be made to the interlocutory order dated 23.08.2017. According to the aforesaid order the parties were given opportunity to reconcile all the loan accounts with each other and explore the possibility of settlement of the accounts and the matter was to be disposed of on merits if such a settlement is not reached. On 07.09.2017 the hearing was deferred to facilitate the settlement. Even we delayed the dictation of this order as the Financial Debtor has been asking for time up to 15.10.2017 and the order was reserved on 09.10.2017. There is no settlement insight despite the expiry of about six weeks, therefore, the efforts of the Financial Debtor to enter into a settlement has not born any fruit and we are not in a position to further delay the admission of the present petition. All this has been done in order to avoid the triggering of Insolvency process so that the Financial Debtor may continue with his enterprise and there is no demoralising effect. Alas! all these efforts are in vain. We find that there is admission with regard to loan and its default. The Financial Creditor has also named the Interim Resolution Professional and it satisfies all the requirements of Section 7 of the Code. Therefore, the petition warrants admission and the same is hereby admitted.
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