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2018 (7) TMI 2175 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Tripartite agreement - Financial Creditors or not - existence of debt and dispute or not - HELD THAT:- A perusal of various clauses of the Tripartite Agreement dated 29.11.2014 demonstrates that the applicant/ allottee assigned/ subrogated all its rights alleged to have been created in its favour by the Supplementary Agreement in favour of the HDFC Bank. There is no liability for the Corporate Debtor to pay the cancellation amount to the applicant. In the circumstances the applicant cannot be treated as financial Creditor, thus petition U/S 9 of IBC is not maintainable. As the applicant subrogated all its rights in favour of the HDFC Bank, therefore he cannot be treated as financial creditor - Petition dismissed.
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