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2018 (4) TMI 532 - AT - Insolvency and BankruptcyCorporate insolvency procedure - appellant submits that there is no ‘debt’ in the eyes of the law as the amount was not paid to the Corporate Debtor - Held that:- As from the record we find that Mr. Atul Sharma and Mr. Nipun Sharma, two Directors of the Corporate Debtor were introduced through common friend in the year 2013. At that time, Corporate Debtor needed financial assistance for a short period, therefore, Corporate Debtor approached and requested the Financial Creditor to help them out. Thereafter, on different dates as per the table mentioned at Part IV of the application (Form I), sum of ₹ 51,750,000/- was disbursed by the Financial Creditors which include sum of ₹ 25,00,000 given by one Mr. Vinay Lakra. Therefore, the arguments advanced by the appellant that no amount be given to the Corporate Debtor cannot be accepted. Apart from the aforesaid fact we are of the view that the appeal preferred by Corporate Debtor is not maintainable in view of the decision of the Hon’ble Supreme Court in “M/s. Innoventive Industries Ltd. Vs. ICICI Bank & Anr. - 2017 (9) TMI 58 - SUPREME COURT OF INDIA”. Appeal dismissed.
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