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2019 (3) TMI 196 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - default in repayment of the outstanding financial debt - HELD THAT:- As a sequel to the discussion and the material placed on record it is confirmed that applicant-financial creditor had disbursed the money to the respondent corporate debtor as consideration for purchase of a residential flat. Though a considerable long period has lapsed even the principal amount disbursed has not been repaid by the respondent corporate debtor as per the provision of the Flat Buyer’s Agreement. 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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