If debt and default is admitted by Corporate Debtor itself during the hearing on admission of CIRP of the Corporate Debtor, it cannot claim that the CIRP Petition was filed by the Financial Creditor with malicious and fraudulent intent – Mr. Sanjeev Mahajan Vs. Indian Bank (Erstwhile Allahabad Bank) – NCLT New Delhi Bench Court-II
Adjudicating Authority held that since the debt and default was admitted by the Corporate Debtor itself during the hearing on admission of CIRP of the Corporate Debtor, therefore, in our considered view, at this stage, the Applicant cannot claim that the said 1B Petition was filed by the Financial Creditor/ Indian Bank with malicious and fraudulent intent. Thus, in view of the above no case of imposition of penalty is made out against the Financial Creditor/ Indian Bank. Prayer (a) is, therefore, out rightly rejected.