TMI Blog2018 (12) TMI 1438X X X X Extracts X X X X X X X X Extracts X X X X ..... lt has occurred, admitted the application being complete. Thus it is found that there is a debt due to the ‘Financial Creditor’ and the ‘Corporate Debtor’ has defaulted in paying the dues. This is also evident from the satisfaction recorded by the Adjudicating Authority while discussing the case of the Appellant - Company Appeal (AT) (Insolvency) No. 624 of 2018 - - - Dated:- 22-10-2018 - Ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, 2016 ( I B Code for short) has been admitted and allegation of the Appellant that the Respondents have played fraud in filing the application has been rejected. 2. The Adjudicating Authority noticed that there is a debt payable in the law and in the fact to the Financial Creditor and being satisfied that the default has occurred, admitted the application being complete. The Adjudicating A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cuments and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in part III, particulars of the financial debt in part IV and documents, records and evidence of default in part V. Under Rule 4(3), the applicant is to dispatch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under sub-section (7), the adjudicating authority shall then communicate the order passed to the financial creditor and corporate debtor wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e accepted while admitting an application under Section 7 of the I B Code , once it is found that there is a debt due to the Financial Creditor and the Corporate Debtor has defaulted in paying the dues. This is also evident from the satisfaction recorded by the Adjudicating Authority while discussing the case of the Appellant at paragraphs 13 and 15 of the impugned order. 4. Having heard l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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