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2017 (4) TMI 1272 - Tri - Companies LawInitiation of the Insolvency Resolution Process - Held that:- The Financial Statements filed the Corporate Debtor with the ROC also do not reflect the loans given by the petitioners so as to accept them as acknowledgment of a debt for enhancing the period of limitation. The said documents are therefore of no help to the Petitioners for the purpose of extending limitation. We therefore do not find that the amounts specified in Para no.8 of the petition are legally recoverable debts. With respect to the liability of ₹ 10 lacs, specified in para no.9 of the petition given by Dr. Shilpa Gupta (Petitioner no. 1) on 25.02.2015, the petitioners have been able to satisfy that the same is a legally recoverably financial debt. The Bank records corroborate that the amount for the Demand Draft in favour of GNIDA had been prepared from the account of the Petitioner no. I and tendered on behalf of the Corporate Debtor, thereby creating a financial liability on the Corporate Debtor to repay the same to petitioner no. 1 . Corporate Debtor has tried to raise the issue of filing of FIRS and criminal action against the petitioner, contemplated but other than a vague denial of the liability, no cogent repudiation has been shown to this Bench in respect of the payment made by Petitioner no. 1 towards the demand made by GNIDA in respect of the immovable asset of the Corporate Debtor. The petitioner on the other hand has satisfied us on the basis of her bank statement and other documents. As the Corporate Debtor has failed to repay this amount, the financial creditor is entitled to initiate Insolvency Resolution Process.
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