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2023 (1) TMI 191 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - assignment of debt - due opportunity was granted to argue the matter or not - violation of principles of natural justice - HELD THAT:- As a matter of fact, the Appellant has challenged the locus of Respondent No. 1 to file the application under Section 7 of the Code on the ground that it is not a financial creditor to the Corporate Debtor. In this regard, it has been argued that a suit has been filed in the High Court of Bombay seeking declaration that the assignment deed dated 28.06.2019 is null and void in which ad-interim injunction was issued on 19.04.2022 before the impugned order could have been passed on 06.05.2022. Meaning thereby, the locus standi of the Appellant was not established - It is also submitted that mere pendency of the suit for declaration is thus not suffice to stall the proceedings for the initiation of CIRP when the debt and default has been proved. The issue regarding the NPA, decided in favour of the Appellant by the DRT, Pune on 28.02.2022 has been put to rest by way of stay by the DRAT, Mumbai on 03.06.2022, therefore, the Adjudicating Authority has not committed any error in passing the order of admission as there is a debt and default which is required to be looked into for the purpose of initiation of proceedings under Section 7 of the Code. Appeal dismissed.
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