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2020 (2) TMI 1503 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The Petitioner claimed that he has deposited the amount with the Corporate Debtor and in lieu of that he was getting interest and last interest was paid to him on 31.03.2018 and the TDS on the interest was also deducted by the Corporate Debtor, which is reflected in the ledger account of the Corporate Petitioner submitted that he is the Financial Creditor and amount which he has deposited comes vandler the definition of Financial Debt - the claim of the Petitioner does not come within the purview of Section 5 (8) of the Code and any of the Clause a to i of Section 5(8) of the Code. Mere plain reading of the provisions shows that default means non- payment of debt, in the present case, the amount which the Petitioner deposited does not come under the definition of the debt - though the Petitioner has some other remedy under the law to recover the amount which he has deposited with the Corporate Debtor but so far initiation of the Section 7 of the IBC is concerned the present application is not maintainable. Application dismissed.
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