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2022 (9) TMI 536 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditor herein is the whole-time Director and Shareholder of the Corporate Debtor - Financial Creditor infused interest free unsecured loan amount in the account of the Corporate Debtor from period March, 2015 to February, 2021 - Financial Debt or not - HELD THAT:- The Hon'ble NCLT, Mumbai Bench in Anchor Leasing Pvt. Ltd. v. Euro Ceramics Ltd. [2019 (2) TMI 1762 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI] wherein it was observed and held that IBC "nowhere prescribed the compulsory existence of an express agreement to prove the loan and its disbursement. The statement of accounts produced on record were held enough to prove the disbursement of loan amount." - the unsecured loan given by the Director of the Company is treated as a Financial Debt under Section 5 (8) of the Insolvency and Bankruptcy Code, 2016. The transactions of providing the unsecured loan amount claimed by the Applicant is shown in the HDFC Bank account of the Applicant and entries of the unsecured loan amount infused by the Applicant in the Company is also reflected in the audited balance sheet of the Corporate Debtor as on 31.03.2021. Therefore, the Applicant has placed sufficient documents on record to show that the money has been infused in the Corporate Debtor. The registry is directed to issue notice to SMID Infrastructure Private Limited, being the Corporate Debtor. Also, the Corporate Debtor is directed to file reply within two weeks from the date of receipt of the notice.
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