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2020 (3) TMI 1105 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - Time Limitation - HELD THAT:- The ‘Corporate Debtor’/Respondent has neither challenged the decree as mentioned earlier nor filed any review till the date of the filing of the petition under Section 7 of the I & B Code. It is also clear that the Defendant No.1 to 5 in the said suit were jointly and severally liable to discharge their obligations of the decree above leaving it to the sole discretion of the Plaintiff/Appellant to recover the said amount from any of the said Defendants. Time Limitation - HELD THAT:- The ‘Corporate Debtor’/Respondent made a false statement before the Adjudicating Authority, and the Adjudicating Authority had no reason to disbelieve such a statement. The Adjudicating Authority had failed to appreciate that the ‘Corporate Debtor’/Respondent had mischievously not placed any record about the alleged Review Application. In the circumstances, the impugned order dated 05th July 2019 regarding the rejection of the Application filed under Section 7 of the I & B Code deserves to be rejected. Since all the ingredients of Section 7 of the, I & B Code 2016 are satisfied and the Application for initiation of the corporate insolvency resolution process is complete, therefore, the Appeal is allowed.
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