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2018 (2) TMI 1355 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHICorporate insolvency process - eligible debt - Winding up proceeding under the Companies Act or liquidation proceeding under the I & B Code initiated - Held that:- In the present case we find that the Adjudicating Authority has noticed extraneous factors unrelated to Corporate Insolvency Resolution Process which are not required to be disclosed in terms of Section 10 of I&B Code or Form 6. It is not the case of the ‘Financial Creditor’ (Respondent) that a winding up proceeding under the Companies Act or liquidation proceeding under the I & B Code has been initiated against the Corporate Debtor. Therefore, we hold that the Corporate Applicant is eligible to file application under Section 10, there being a debt and default. The impugned order dated 20th June, 2017 cannot be upheld and is accordingly set aside. The case is remitted back to the Adjudicating Authority for admission of the application under Section 10, if the application is otherwise complete.
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