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2019 (9) TMI 1446 - Tri - 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:- Admitting to refund the entire principal amount along with interest, required to be paid till the said date by the Corporate Debtor to the Petitioner, Ld. Counsel for the petitioner points out to the calculation sheet as enclosed at Page-73 of the petition wherein principal amount has been remitted by the Financial Creditor in a sum of ₹ 32,28,784/- is pointed out and it is further stated by Ld. Counsel for the petitioner that all the six payments made by the Financial Creditor to the Corporate Debtor are having valid receipts issued by the Corporate Debtor. The documents as annexed along with the petition clearly show that the Corporate Debtor is not in a position to refund the money which has been collected by the Corporate Debtor from the Financial Creditor, leave alone with interest which is being claimed as compensation. Further, the possession has not been given by the Corporate Debtor and in the circumstances, the default is in existence and the petition stands admitted. CIR process is initiated against the Corporate Debtor - petition/Application is disposed off.
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