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2019 (7) TMI 1646 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- The respondents relying on the clause 4.8 and clause 5.1 in the apartment buyer agreement submits that the refund amount was not arbitrary and whimsical and that the forfeiture was lawful - And has further relied on the Judgement of the Supreme Court of India in M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR. [2017 (9) TMI 58 - SUPREME COURT] that there is no debt which is payable in law or in fact. It is seen from the apartment buyer agreement clause 5.1, timely payments was the essence of the agreement. The petitioners have also failed to disclose as to how the financial debt is "Due" from the respondent and how the cancellation notice issued by the respondents was illegal and the money forfeited was not lawful. This tribunal is of the considered view that the debt claimed does not come under the definition of "Debt" which is in "default" and since the petitioners have failed to satisfy this tribunal about the requirements of the section 7 of IBC, 2016 to claim any relief - this tribunal is of the opinion that it is not a fit case to initiate Insolvency process as prayed for by the petitioner/applicant - application dismissed.
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