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2019 (11) TMI 685 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - alleged default on the part of the Corporate Debtor (Respondents) in repaying the loan amount - existence of dispute or not - whether the amount paid by the Applicant comes under the definition of ‘Financial Debt’ as defined in the Code? - HELD THAT:- There is no document or agreement which shows the terms on which the money was given by the Applicant to Rl and specifically that any interest was payable on the money. We are unable to persuade ourselves that the advance paid by the Applicant to Rl has commercial effect of borrowing. It is noteworthy that in the Balance Sheets for the F.Ys 2014-15 and 2015-16 of the Applicant it is clearly indicated that the money paid by the Applicant to Rl is “Advance to others” and not a loan. In view of the fundamental flaws in the arguments advanced by the Applicant we find that the application is devoid of merit and does not warrant admission - Application dismissed.
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