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2018 (11) TMI 1411 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - sale of flats with assured return plan - developer failed to refund the assured - Financial Debt - corporate debtor committed default in repayment of the outstanding financial debt which exceeds the statutory limit of rupees one Lakh - Held that:- The applicant being a home buyer comes within the definition of Financial Creditor. The material placed on record further confirms that applicant financial creditor had disbursed the money to the respondent corporate debtor as consideration for purchase of a unit. Though considerable long period has since lapsed even the principal amount disbursed has not been repaid by the respondent corporate debtor. It is accordingly reiterated that respondent corporate debtor has committed default in repayment of the outstanding financial debt which exceeds the statutory limit of rupees one Lakh. Thus, the application warrant admission as it is complete in all respects. Accordingly, in terms of Section 7(5)(a) of the Code, the present application is admitted.
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