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2018 (7) TMI 1634 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - proof of outstanding debt - Held that:- The conditions in the loan agreement that unsecured loans, obtained by the CD, would be non-interest bearing as well as the conditions that such loans cannot be repaid during the currency of the bank loan are all business decisions, taken by the parties thereto in the best interest of all concerned and as such, said cannot be questioned alleging that such conditions in the agreement aforesaid violated the law laid down in section 27 of the Contract Act. As already found that the decision to the effect that unsecured loans, obtained by the CD, would be non-interest bearing and that such loans cannot be repaid during the currency of the bank loan were also approved by the management in CD when the applicant herein along with his son and daughter-in-law was at helm of affairs of such a company. Such state of affairs hardly approves of the conduct of the applicant in approaching this Authority with an application u/s 7 of the Code, 2016 seeking initiation of CIRP against the CD. Applicant miserably fails to show that as on 03-07-2015, the CD owed an amount to the tune of ₹ 38,88,745/- or that there was a default in payment of such debt on such a date and many other subsequent dates. Petition dismissed.
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