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2019 (10) TMI 1293 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Existence of debt and default - HELD THAT:- It is apparent that financial assistance of P.s. 90 Jakhs was given to the Corporate Debtor on terms and conditions inviting interest @ 2% per month. The Corporate Debtor has failed to remit the interest as well as the principal amount. The cheques given in discharge of the Principal loan liability were dishonoured on presentation, as were the cheques given for interest - The submissions made by the Corporate Debtor is that the said amount is only a security and does not amount to a financial claim is misplaced as the entire intent is apparent from the terms and conditions of the MOU. The fact that the repayment of the loan was secured by offer of cheques and proposed allotments of plots cannot demolish the case of the Financial Creditor that a financial debt has occurred and the Corporate Debtor has defaulted in repayment of the same. Petition admitted - moratorium declared.
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