If the Financial Creditor satisfies all the requirements, the Adjudicating Authority has no discretion to reject the application or defer it unless the Corporate Debtor submits that they intend to settle the claim- Mr. Nakul Bharana Vs. ICICI Bank Ltd.-NCLAT
NCLAT has held that the Adjudicating Authority found that there is a debt and default and the application filed by the Financial Creditor was complete. NCLAT has observed that if the Financial Creditor satisfies all the requirements, the Adjudicating Authority has no discretion to reject the application or defer it unless the Corporate Debtor submits that they intend to settle the claim. Only if such request is made to settle the claim, the Adjudicating Authority may give one opportunity to the Corporate Debtor to do so instead of admitting the application.