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2018 (6) TMI 1061 - AT - Insolvency and BankruptcyCorporate insolvency process - default to pay the amount in terms of the agreement - Held that:- There is a period of default prescribed therein which stipulates that if defaults continues for a period of 90 days, the first party shall discharge his obligation towards the second party by discharging his rights/interest/share in M/s. Mega Soft Infrastructure (P) Ltd. The aforesaid terms of agreement clearly shows that the 1st respondent ‘disbursed’ the amount against ‘the time value of money’ and the ‘corporate debtor’ has defaulted to pay the amount in terms of the agreement. As the appellant submitted that the amount has been repaid but such submission being not based on record cannot be accepted. 1st respondent has enclosed the copies of the cheques to show that a sum of ₹ 1,34,00,988/- were paid in favour of the ‘corporate debtor’. This fact has not been disputed by the ‘corporate debtor’. The case of the appellant being covered by the decision of this Appellate Tribunal in “Nikhil Mehta & sons vs. A.M.R. Infrastructure [2017 (8) TMI 1017 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI]
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