Even if an application under Section 8 of the Arbitration Act, 1996 is filed, the Adjudicating Authority has a duty to advert to contentions put forth on the application filed under Section 7 of IBC, examine the material placed before it by the financial creditor and record a satisfaction as to whether there is default or not – Indus Biotech Pvt. Ltd. Vs. Kotak India Venture (Offshore) Fund & Ors. – Supreme Court