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2017 (9) TMI 1965 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - financial debt or not - existence of debt and dispute or not - HELD THAT:- The amount claimed in this case, according to the Applicant, is for allotment of shares of the Respondent Company. In fact, 5,25,000 shares of the Respondent Company were allotted to the Applicant Company but the allotment of such shares was held to be illegal and the allotment was set aside by an order of Company Law Board - It appears that the only property of the Respondent Company was sold with the permission of the Applicant Company and the amount is lying in the National Company Law Tribunal. There is no order from the National Company Law Tribunal that Applicant is entitled for the amount invested by it for the shares allotted to it and that were cancelled. Therefore, it cannot be said that any amount is due to the Applicant from the 1st Respondent Company as a debt much less as a financial debt. Application disposed off.
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