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2019 (6) TMI 1566 - NATIONAL COMPANY LAW TRIBUNAL , PRINCIPAL BENCH, NEW DELHIMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - Financial Debt - Financial Creditor - HELD THAT:- Even without any element of 'assured return' an allottee in the real estate project has to be regarded as a 'Financial Creditor'. The petitioner eminently fulfills the condition - The amount has been raised from the petitioner/allottee under a real estate project. In such a situation not only the debt has a commercial effect of borrowings and come within the scope of 'financial debt' but also the petitioner is covered by the definition of expression 'financial creditor' - petitioner being financial creditor can invoke Corporate Insolvency Resolution Process under Section 7 of the code against the respondent corporate debtor in case of default in repayment of financial debt. It is clear that applicant-financial creditor has disbursed the money to the respondent corporate debtor as consideration for purchase of a commercial space. Though a considerable long period has lapsed even the principal amount disbursed has not been repaid by the respondent corporate debtor as per the terms of the Assured Return Agreement. It is accordingly held that respondent corporate debtor has committed default in repayment of the outstanding financial debt which exceeds the statutory limit of rupees one Lakh. Thus, the petition warrant admission as it is complete in all respects. Petition admitted - moratorium declared.
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