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2018 (11) TMI 1664 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - financial creditor - Section 7 of the Insolvency and Bankruptcy Code, 201 - alleged failure on the part of the borrower and the Corporate Debtor to maintain the financial discipline and default in the payment of the Pre- EMI interest/EMI in terms of Loan Agreement and Tripartite Agreement - cancellation of allotment and refund of loan amount - when allotment of Flat in the name of the borrower has not been cancelled, whether respondent builder is bound to refund the loan amount/allotment consideration to the applicant lender as claimed, at the back and without leave of the borrower/allottee? HELD THAT:- Admittedly in the present case the allotment in question has not been cancelled. Accordingly, determination of cancellation amount due to the borrower and refund thereof by respondent builder directly to the applicant lender does not arise at this stage, before cancellation of the allotment. The application dismissed.
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