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2019 (11) TMI 620 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment - loan due and payable to the FC - Section 7 of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In view of the legislative mandate to dispose of the matters within a period of 14 days, which fact the Petitioner should have been well aware and further all the more, the shareholders/Directors of the Petitioner company are before this Tribunal in relation to inter se disputes and Petitions filed under Sections 241 and 242 of the Companies Act, 2013, this Tribunal is constrained to dismiss this Petition as the Petitioner has not been able to demonstrate on its own the existence of a 'financial debt' of which it is alleged to have been defaulted by the CD to the satisfaction of this Tribunal. There are no prima facie case and we are constrained to dismiss the Petition with a cost of ₹ 1.00 lakh imposed upon the Petitioner to be remitted to the Prime Minister's National Relief Fund within a period of 3 weeks from the date of this order as the Petition has been filed frivolously based on conjectures and surmises without proper documents being furnished consuming the valuable judicial time of this tribunal - petition dismissed.
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