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IBC: NCLT, after a perusal of documents, pleadings, and supplementary affidavit explaining payment already made, including counter affidavit, came to conclusion that default was committed by corporate debtor in repayment of its dues under loan Agreement and hence admitted section 7 application. NCLAT set aside order of NCLT admitting section 7 application on ground hat there was no evidence in support of fact that any amount was outstanding and that documents which were already rejected by adjudicating authority could not have been basis of order of admission
• However, it was found documents evidencing an outstanding loan amount were produced; a supplementary affidavit explaining payment already made was also relied upon; and admission made in counter affidavit that was made in first round of litigation, could by no means be described as a 'document' in an earlier petition that could not be relied upon. Said 'document' was not a pleading by appellant - it was a counter affidavit by corporate debtor in which a clear admission of debt being outstanding was made. Thus, order of NCLAT was to be set aside and that of NCLT was to be restored.
• [Rajeev Anand v. Srei Equipment Finance Ltd.  114 taxmann.com 61 (NCL-AT) - Set aside]