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2022 (10) TMI 639 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - who are Financial Creditors? - it is alleged that the Applicants are not the Financial Creditors to the Respondent - HELD THAT:- Admittedly, the MOU was executed between the Developer M/s. ABW Infrastructure Limited and the Applicants. We find that the Respondent herein was neither a party nor anyway connected to the said MOU, annexed as Annexure A-5, Annexure A-6 and Annexure A-7 to the Application. Further, the Applicants have failed to place or produce any document on record to substantiate that the money in question was paid to Respondent herein. Hon'ble NCLAT in AGARWAL AGENCIES PVT. LTD. & ORS. VERSUS DOVE INFRASTRUCTURE PVT. LTD. [2022 (10) TMI 573 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] has held that M/s. Dove Infrastructure Private Limited is to set up IT Park does not make the disbursement made by Appellant to M/s. ABW Infrastructure Ltd. as a Financial Debt against the Corporate Debtor. The disbursement against time value of money is against M/s. ABW Infrastructure Ltd. and not against the Corporate Debtor. The aforesaid ruling of the Hon'ble NCLAT is squarely applicable on the facts of the present case - the Applicants are not the Financial Creditors to the Respondent and therefore, have failed to make out a prima-facie case for maintainability of the application file under Section 7 of IBC, 2016/issuance of notice - Application dismissed.
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