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2019 (5) TMI 382 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - admission of the petition - default in repayment of the amount - Section 7 of Insolvency and Bankruptcy Code, 2016, R/w Rule 4 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016. HELD THAT:- The Financial Creditor had already invoked the shares pledged by the Corporate Debtor. This was done in the year 2015. The value of shares invoked is ₹ 161.14 crores. Maybe arbitration proceedings pending before the Arbitrator appointed in this connection by the Hon'ble High Court of Kolkata and the Petitioner has not obtained any order in its favour when it filed the present petition under Section 7 of IBC to the effect that Corporate Debtor was liable to pay under RLA. The Financial Creditor is unable to establish the alleged debt and also the default. Application dismissed.
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