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2021 (12) TMI 45 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The Respondent extended a loan facility for an amount of INR 5,50,00,000/- to SN Jee Build Well Pvt. Ltd. (Corporate Debtor) by entering into a Loan Agreement dated 02.08.2013 - It is also admitted fact that the Respondent through its advocate issued a legal notice to the Corporate Debtor on 25.10.2019 (at page 138 to 142 of the Appeal Paper Book) demanding the unpaid amount. Admittedly, neither any reply to the said notice nor any payment has been received by the Respondent. The Ld. Adjudicating Authority in para 24 of the impugned order rightly taken note of the fact and also the fact that the Forensic Audit Report, the Auditor has admitted this fact that the fund of ₹ 375 lakhs were received from the ‘Indian Delco Private Limited’ and it is also admitted that out of that amount ₹ 150 lakhs were properly utilized in the Company. There is no illegality committed by the Ld. Adjudicating Authority while passing the impugned order - Appeal dismissed.
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