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2022 (8) TMI 421 - AT - Insolvency and BankruptcyValidity of petition admitted - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The Adjudicating Authority under Section 7 of the Insolvency & Bankruptcy Code, 2016 is to ascertain whether there is a Debt and Default committed by the Corporate Debtor. Always, it is open to the Corporate Debtor to point out that the Default has not occurred and the Debt / Default Claim is not due - this Tribunal on going through the Impugned Order passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench, Hyderabad) is of the considered view that the aspect of Debt and Default were established. When once the Debt due and payable in Law and in fact is established on the part of the Financial Creditor / Bank in a given case, then the rigour of Section 7 of the Insolvency & Bankruptcy Code, 2016 comes into operative plea. More importantly, the Default incurred by the Corporate Debtor / 3rd Respondent is not disputed on behalf of the Appellant before this Appellate Tribunal. To put it precisely, the Corporate Debtor had acknowledged that on 05.05.2019 a sum of Rs.63,36,61,897.26 was due and that was reflected in the Balance Sheet dated 31.03.2019. This Tribunal unhesitatingly, comes to a consequent conclusion that the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench, Hyderabad) had rightly admitted the CP(IB) No.109/7/HDB/2020 on 27.06.2022 filed by the 1st Respondent / Financial Creditor / Bank (Syndicate Bank) and that the Impugned Order is free from legal flaws and consequently the instant Company Appeal fails. Appeal dismissed.
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