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2018 (5) TMI 1031 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - Eligible outstanding debt proof - Held that:- Despite mandatory requirements of the Code and Rules, the dates and amount of various loans disbursed have not been furnished. Simply wild assertion that a huge financial assistance to the tune of ₹ 1120.98 lacs has been given from time to time since 2011 will not suffice. Onus to proof lies on the applicant and the same becomes more onerous when the claim is disputed. The applicant being a legal entity is supposed to have relevant documents, balance sheet and resolutions etc. to support the contention of disbursement of various loans for time value of money. Mere pleading of the applicant in the absence of supporting documentary evidence will not suffice to prove the disbursement and default. As reiterated that the applicant has miserably failed to furnish the details of various disbursements alleged to have been made since 2011 and also has failed to establish that such disbursements were made for time value of money, so as to come within the purview of “financial creditor” in order to maintain the present application preferred under Section 7 of the Code. Petition fails and the same is rejected.
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