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2018 (8) TMI 1992 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- There is nothing on record to suggest that after payment of ₹ 50 lacs in the initial stage another sum of ₹ 50 lakhs was paid by the Respondent to make a total amount of ₹ 1 crores. In absence of any evidence of grant of further sum of ₹ 50 lacs, it cannot be treated that a sum of ₹ 1 crore was paid by ‘Navis’ to the ‘Corporate Debtor’ - The appellant has made out a case that the default has not occurred in the sense that the “debt”, which also includes a disputed claim, is not due and is not payable by Corporate Debtor to the Respondent in law as also in fact. As the ‘Adjudicating Authority’ has failed to notice the aforesaid facts and records are doubtful, in view of the different dates which has been mentioned therein and the 1st Respondent has failed to explain as to how in letter dated 24th October, 2017 reference of agreement of subsequent dated 25th October, 2017 has been given or as to how in the agreement dated 25th October, 2017, amount due as on 5th November, 2017 has been shown, the impugned order cannot be sustained - Impugned order set aside - appeal allowed.
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