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2020 (5) TMI 4 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The loans were applied for by individual borrowers for varying amounts, and a statement of every account has been maintained separately. The amounts were disbursed into individual accounts and the installment due would be transferred automatically to the Developer under standing Instructions As per clause 2.9 of their agreement, the liability to pay EMIs was that of the borrower. The default giving rise to the financial debt is due from the loanee and not from the Developer. The transaction relied upon does not make the Respondent company liable to be proceeded u/s 7 of the Code. Filing of such a petition is an abuse of the process of law - Petition rejected.
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