HELD by NCLAT following its previous decision in Mr. Ravi Ajit Kulkarni vs. State Bank of India, held that at the stage of the appointment of the RP under Section 99 in order to make recommendations for acceptance or rejection of an application under Section 95(1) of the Code, the adjudicating authority cannot record its finding on whether there has been a default by the debtor. The NCLAT, accordingly, partly allowed the appeal to set aside the finding of the adjudicating authority with respect to the existence of default in the repayment of loan by the debtor.

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