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2019 (8) TMI 1783 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditor or not - It is submitted that the amount was deposited as loan without interest and therefore it does not come within clause (a) of Section 5(8) of IBC - consideration of 'time value' for money - HELD THAT:- The Adjudicating Authority has noticed that the Legal Notice dated 24.06.2017 was issued by the 1st Respondent addressed to the 'Corporate Debtor' and others intimating the defaults such as non-issue of share, Balance Sheet, Account and confirmation of the share allotment & remuneration and non-informing board meeting and the AGM and suppressing the profit of the Company. The details of the Lawyer's notice have also been recorded by the Adjudicating Authority. The 'Corporate Debtor' has accepted the loan liability and in terms of the provisions of law, has been noticed by the Adjudicating Authority - Respondent No. 1 who applied for refund of money was required to be paid interest @ 12% per annum from the expiry of 60 days thereby from 61st day should be treated as debt in default. The record being complete and the Adjudicating Authority being satisfied, admitted the Application under Section 9 of the IBC - Appeal dismissed.
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