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2019 (2) TMI 1041 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - default in repayment of financial debt - Held that:- As a sequel to the aforesaid discussion and the material placed on record shows that applicant-financial creditor had disbursed the money to the respondent corporate debtor as consideration for purchase of a residential Apartment. Though a considerable long period has lapsed even the principal amount disbursed has not been repaid by the respondent corporate debtor. It is accordingly held that respondent corporate debtor has committed default in repayment of the outstanding financial debt which exceeds the statutory limit of rupees one Lakh. Thus, the application warrant admission as it is complete in all respects. Accordingly, in terms of Section 7(5)(a) of the Code, the present application is admitted.
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