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2019 (7) TMI 1823 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Debt or not - date on which there should be relation between the two parties for the alleged financial creditor - related party or not - existence of debt and dispute or not - HELD THAT:- The transactions between the CD and both Spade and AAA Landmark are collusive in nature and do not qualify as financial debt for the purposes of the IBC. Accordingly, Spade and AAA Landmarks do not qualify to be considered as financial creditors. The affairs of the CD as well as the group of Arun Anand companies are deeply entangled and it is difficult for the Tribunal in a summary jurisdiction to unravel the same. Considering that the CD and Spade and AAA were in close business relationship in the past and also the fact that the accounts of the CD have not been finalized and audited and filed with the Registrar of Companies since 2016, the instant applications filed by Yes Bank Ltd., and Phoenix ARC P. Ltd. are allowed - application allowed.
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