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2019 (3) TMI 1911 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors or not - existence of debt and dispute or not - HELD THAT:- When the facts of this case are analysed, the financial debt claimed does not fit into any of the clauses mentioned under section 5(8) of the Code - It is unclear why the Petitioner was keeping quiet for three years without asking for the principal or interest when ₹ 40 lacs is advanced to the Corporate Debtor as a financial debt except the only Demand Notice dated 25.09.2018. No document was produced in support of the loan showing this amount as a financial debt except saying that there is an oral agreement. Since the Petitioner has failed to prove the basic requirement that the amount advanced is a financial debt as provided under the Code, the other contentions raised by the parties are not gone into detail. Petition dismissed.
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