(C) A Financial Creditor, namely Mr. Z has filed an application before the Adjudicating Authority (AA) (NCLT) for initiation of Insolvency Resolution Process against MAPL (Corporate Debtor) on 01-04-2023. As this applica

(C) A Financial Creditor, namely Mr. Z has filed an application before the Adjudicating Authority (AA) (NCLT) for initiation of Insolvency Resolution Process against MAPL (Corporate Debtor) on 01-04-2023. As this application was pending for disposal by the AA, the Corporate Debtor has also made an application on 10-04-2023 to the AA for initiating Pre-Packaged Insolvency Resolution Process. In respect of the inputs given in Para-C above under IBC, 2016, state which of the following act of the Adjudicating Authority shall be valid: (a) The Adjudicating Authority shall first dispose off the application of the Corporate Debtor. (b) The Adjudicating Authority shall first dispose off the application of the Financial Creditor. (c) The Adjudicating Authority shall dismiss both the applications and direct the Corporate Debtor to file a fresh application. (d) The Adjudicating Authority shall dismiss both the applications and refer the dispute to Arbitration.