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2020 (8) TMI 540 - AT - Insolvency and BankruptcyAdmissibility of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - debt due and payable or not - order of admission challenged on the ground that the debt has been satisfied and set off in diminution of the amount of ₹ 1,561.87 Crores against debt of ₹ 226.50 Crores claimed by Respondent No. 1 herein - HELD THAT:- Form-1 filed by the Respondent No. 1 with regard to the debt and default is perused - there are no hesitation to say that the grounds raised by the learned Counsel for the Appellant does not have any merit. In view of the legal position, Respondent No. 1 is a Financial Creditor and the debt is a Financial Debt. In accordance of Section 5(8) of IBC, the Application filed by the Respondent No. 1 is maintained and the same is in accordance with law. The Appellant has failed to show by actionable material that the Valuation Report, got done officially when Receiver seized stock at the instance of ICICI has been held to be wrong. Mere averment to the contrary to claim set off that the stock was worth ₹ 1561.87 Crores without official valuation got done is not helpful. With regard to Counter claim is concerned, the Adjudicating Authority cannot decide while admitting the Application. As such, all the essential requirements have been fulfilled and Application under Section 7 IBC was rightly admitted by the Adjudicating Authority - The Counter Claim and the set off as claimed by the Appellant herein cannot be decided either by the Adjudicating Authority or by this Appellate Tribunal, such issues not decided. Appeal dismissed.
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