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2020 (3) TMI 1345 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The Financial Creditors everywhere mentioned the word 'deposit', therefore, the amount which he has deposited with the Corporate Debtor does not come within the purview of the definition of Financial Debt rather the Financial Creditors, admittedly, deposited the amount with the Corporate Debtor and in lieu of that he was getting interest from the Corporate Debtor, therefore, he can claim the refund under Chapter V of the Companies Act, read with Company (Acceptance of Deposits) Rule, 2014 - So far, the initiation of proceeding under Section 7 of the Code is concerned is not liable to be accepted. Mere plain reading of the provisions shows that default means nonpayment of debt, whereas, the amount which the applicants deposited does not come under the definition of the debt. Therefore, it cannot be accepted that there is a default in payment of debt - the applicants have some other remedy under the law to recover the amount which they have 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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