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2020 (3) TMI 1215 - 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 - HELD THAT:- It is evident that the appellant intended to settle the matter with the respondent. Finally, on September 19, 2019 when we noticed that the matter has not been settled, it is the appellant who was ready to deposit the total amount of ₹ 2.13 crores as claimed by the respondent-"M/s. Val-Met Engineering P. Ltd.", we allowed "to give such offer to 'M/s. Val-Met Engineering P. Ltd.' (financial creditor) and may deposit with them". However, we directed the respondent to keep the same in a separate "interest bearing account". It was also made clear that if the amount is deposited within 10 days, then this Appellate Tribunal will decide whether to allow the "M/s. Val-Met Engineering P. Ltd." to withdraw the application under section 7 of the "I and B Code" - the respondent having agreed to withdraw the application filed under section 7, we are not inclined to accept such plea taken by the appellant. The application under section 7 filed by "M/s. Val-Met Engineering P. Ltd." stands withdrawn.
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