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2020 (9) TMI 996 - NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCHMaintainability of application - initiation of CIRP - alleged default on the part of the corporate debtor in settling an amount towards the assured returns as promised by the corporate debtor - existence of debt becoming due or not - major point raised by the corporate debtor is that the debt has not yet become due as per the conditions of MOU executed between the parties - HELD THAT:- A perusal of the clause of MOU signed between the parties on 1st February, 2014 reveals that the assured return shall be payable only upon execution of the Unit Buyer's Agreement on the Company's standard format. The financial creditors have not shown any proof to establish the fact that they have got the Unit Buyer's Agreement duly executed by both the parties. As a result of failure to produce the duly signed Unit Buyer's Agreement, it is considered that the debt has not yet become due. Petition dismissed.
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