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2019 (10) TMI 1457 - 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. Whether the Respondent owes a Financial Debt to the Petitioners? - HELD THAT:- The Respondent availed the credit facility upon execution of loan agreements and mortgage by deposit of title deeds. Financial Debt defined in section 5 (8) of the Code inter alia includes money borrowed against payment of interest. Admittedly credit facility carried an interest on money advanced. The credit was advanced against the consideration for time value of money. The plea raised by the Respondent that the project could not be completed due to the NOCL’s inability to set up the refinery and the reasons for the Respondent’s inability to repay the loan as defence would be irrelevant - Admittedly the Respondent has not repaid the loan - Answered in affirmative. Whether the Respondent has defaulted in repayment of the Debt? - HELD THAT:- The present Application being barred by limitation cannot be admitted - answered in the negative. The Company Petition be and the same is rejected on contest. The rejection of this Application however shall not be a bar for the Financial Creditors to recover the debt under law in any other Forum - Application dismissed.
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