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2018 (11) TMI 1662 - Tri - Insolvency and BankruptcyAdmissibility of petition - initiation of Corporate Insolvency Resolution Process - default in repayment of amount - Section 9 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The petition has been filed on wrong facts to start CIRP by giving false information. There is no such case of the Petitioner that it has advanced ₹9,19,40,000 as principal amount to the Corporate Debtor. By advance of ₹4,40,000/-, the Petitioner has filed this petition, showing the principal amount of ₹9,19,40,000/- and has further filed the Affidavit certifying the contents of the Petition. This clearly shows that Petitioner has filed this Petition for initiation of CIRP fraudulently or with malicious intent for any purpose other than for the resolution of insolvency, which comes under the purview of Section 65 of the IBC. Actual amount advanced was ₹4,40,000/-, but the Petitioner has falsely claimed ₹9,19,40,000/- as the principal amount, which is 209 times of the actual advance amount. Since the Petitioner filed this petition with false information alleging the principal amount as ₹9,19,40,000/- instead of ₹4,40,000/- without going into the merits, we are of the considered view that the Petition has been filed with ulterior motive to get insolvency petition admitted which comes under purview of Section 65 of the IBC. Petition is dismissed with costs of ₹10,00,000/- which is to be paid by the Operational Creditor within 30 days from today.
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