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2020 (4) TMI 150 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - main plea taken by the Appellant, Shareholder/Director of the 'Corporate Debtor' is that no opportunity was given to the Corporate Debtor to address arguments and impugned order of admission was passed on 08-11-2019 without hearing - HELD THAT:- There is nothing on the record to suggest that Mr.Rajesh Narang ('Appellant herein) was not present on that date though, plea has been taken by one of the 'Shareholder' Director of the Corporate Debtor that none appeared for the Corporate Debtor. Accordingly, such plea is rejected - On merit also, we find that the total amount sanctioned & disbursed in various tranches from 26-3-2016 to 13-2-2017 by the Financial Creditor and default amount was of ₹ 39,97,98,092.27/- In any case, the default amount exceeds ₹ 1 Lakh. Even on merit, we find no ground to interfere with the impugned order of admission dated 08-11-2019. Appeal dismissed.
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