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2023 (9) TMI 84 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHICIRP - NCLT admitted the application - whether the CIRP proceedings were fraudulently and maliciously initiated SBI declared the credit amount as NPA - Corporate Debtor failed to make repayment of its dues - assignment of debt - Twice Restructuring of the facilities granted by the Financial Creditor - time limitation - HELD THAT:- The Corporate Debtor having committed default, initiation of Section 7 proceeding by Assignee of the State Bank of India cannot be said to be malicious or fraudulent. The State Bank of India has assigned its debt to the Edelweiss Asset Reconstruction Company Ltd on 19.03.2014 and assignee on the strength of assignment has initiated the proceeding under Section 7. The Adjudicating Authority in its order dated 25.04.2023 has also repelled the contention of the Appellant that Financial Creditor has played fraud and the Petitioner is acting malafide in filing the petition. Thus, submission of the Appellant that Financial Creditor is acting malafide in filing the petition has been expressly rejected by the Adjudicating Authority, hence, the submission of the Appellant that said submission was not considered, cannot be accepted - There being debt and default on the part of the Corporate Debtors in these two Appeals, which is not in question, there are no error in the orders of the Adjudicating Authority admitting Section 7 applications. Appeal dismissed.
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