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Pendency of proceedings under SARFAESI Act doesn’t prevent financial creditor to trigger CIRP plea

May 18, 2020[2020] 116 taxmann.com 500 (NCLT - Ahd.)
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IBC : Where application under section 7 was filed by duly authorized official of bank in a prescribed format annexing copies of loan documents confirming existence of debt due, same was to be admitted

IBC : Where last payment from corporate debtor had come into account of financial creditor on 20-8-2015, instant application filed by financial creditor on 13-7-2018 was well within period of three years provided under Limitation Act

IBC : Pendency of proceeding under SARFAESI Act does not prevent financial creditor to trigger CIRP

IBC : Adjudicating Authority is only to decide 'whether application filed by financial creditor is to be admitted of rejected, considering facts that whether default has occurred or not and application to initiate CIRP is completed or not in all respects'

IBC : Where Technical Member of NCLT was of view that when application for initiation of CIRP was yet to be admitted, question of referring matter to mediation and conciliation panel did not arise, however, Judicial Member of NCLT was of view that though admission of CIRP application could not be stalled for purpose of mediation however, it was always open for parties to make amicable settlement at post admission stage, for aforesaid reasons, application filed by corporate debtor to mediation and conciliation panel was to be dismissed and application for initiation of CIRP was to be admitted

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