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2022 (12) TMI 608 - AT - Insolvency and BankruptcyInitiation of CIRP - inter corporate deposit - Proof of debt - Appellant failed to produce any proof of the RTGS by way of bank statement indicating that the amount has in fact been transferred from its account to the account of the Corporate Debtor - NCLT dismissed the application - HELD THAT:- During the course of hearing, Counsel for the Appellant was repeatedly asked as to how 25.04.2018 has been determined the date of default to which she could not give any answer. Moreover, the amount involved also does not fall within the definition of financial debt because the financial debt would be a debt alongwith interest if any which is disbursed against consideration for the time value of money whereas in the present case no reliance can be placed upon the alleged acknowledgement in which the rate of interest has been hand written besides other entries made by hand whereas the rest of the document has been typed. There is no initials of the parties concerned on the hand written corrections, therefore, it could not be disciphered as to whether these were the agreed term between the parties at the time when document was executed or were later on incorporated. Be that as it may, the intercorporate deposit is a loan is not substantiated by the Appellant. There is no error found in the finding recorded by the Adjudicating Authority particularly in para 7 of the impugned order in which all aspects of the matter have been discussed. Appeal dismissed.
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