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2017 (8) TMI 1568 - AT - Insolvency and BankruptcyAdmissibility of application - initiation of Corporate insolvency resolution process - corporate debtor - existence of Debt or not - HELD THAT:- In the present case, the Respondent has not taken any plea that the appellants failed to pay the balance amount on due date or any of the cheque has been bounced on account of any reasons. The respondent has also not denied the allegation that the 'commitment amount" as mentioned in the agreement! Memorandum of Understanding has not been paid month to month and there is a default - From the agreement/ Memorandum of Understanding, we find that the appellants are also "investors" and have chosen "committed return plan". Thus, the amount as is due to the appellants, come within the meaning of "debt" as defined in Section 3(11) of the 'II & B Code'. In the present case, we find that no case has been made out by the respondent that the construction was stopped or delayed on account of factors beyond its control. It has also not been disputed that the respondent failed to pay monthly committed returns which was to be paid month to month till, the completion of the project! apartment - thus, the appellants in this case have also successfully proved that the money disbursed by them is against the consideration for the time value of money and for all purpose, they come within the meaning of 'Financial Creditor' as defined in Section 5(7) of the 'l & B Code'. Matter remitted to Adjudicating Authority to admit the application preferred by appellants and pass appropriate order, if the application under Section 7 of the 'I & B Code' is otherwise complete - appeal allowed by way of remand.
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