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2021 (3) TMI 550 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its Financial Debt - existence of debt and dispute or not - HELD THAT:- It is observed that the applicant has failed to produce any document or agreement entered into between the parties regarding the debt which the applicant claim to have deposited in the account of the respondents. Further the applicant also has not filed any documents to prove as to what was agreed term of interest, which the applicant are entitled to get in case of default of payment. This Adjudicating Authority is of the view that as the applicants failed to produce any document to show that the applicant has given the money to the corporate debtor as it was contended that the amount was transferred to the personal account of the intermediary as well as the personal account of the directors and failed to establish that the amount was given to the corporate debtor. Therefore, the case of the applicant does not comes under any of the provision section 5(8)(a) to (i) of the I and B Code, thus cannot be considered as financial debt and neither the applicant comes under the definition of the financial creditor in view of section 5(7) of the IB Code. This Adjudicating Authority is of the considered view that in absence of any document or agreement, the contention of the applicant is not liable to be accepted and the applicants failed to prove that the amount deposited comes under the definition of financial debt under section 5(8) of the IBC - This Adjudicating Authority is of the opinion that the applicant failed to bring on record the default recorded with the information utility or such other record or evidence as may be specified which is necessary to proceed for admitting the petition under section 7 of the I and B Code. The prayer to initiate proceedings under section 7 of the IBC against the "Tripathi Hospital P. Ltd." is hereby rejected and the application stands dismissed.
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