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Judgment
Heard learned counsel for the Appellant. This Appeal has been filed against order dated 09.02.2024 by which order Section 7 application filed by the Financial Creditor has been admitted. The Adjudicating Authority in the impugned order has returned a finding that debt and default has been proved and there being default of more than amount of Rs.1 Crore which is threshold amount, application has been admitted. The submission that application is barred by limitation and proceeding under Section 95 has been initiated against the Personal Guarantor were also dealt with and repelled.
Learned counsel for the Appellant submits that the Appellant intent to approach the Financial Creditor to settle the amount
It is always open for the Appellant to approach the Financial Creditor for settlement and if any settlement is reached the same may be placed before the Adjudicating Authority by means of Application under Section 12A with the consent of the Financial Creditor. Debt and default being proved; we do not find any error in the order of the Adjudicating Authority admitting Section 7 application. With aforesaid liberty we dismiss the appeal.