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2019 (2) TMI 1040 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - proof of outstanding financial Debt - HELD THAT:- Applicants are not strangers to the Corporate Debtor and they have participated in the management of the Company since incorporation. When this much material is staring at us from the Corporate Debtor side proving that no debt was in existence as on the date of filing winding up petition, this case could not be considered as financial debt. If at all any claim is left payable, it could be share application money pending with the Company not any financial debt as stated by the Applicant. In view of these reasons, no financial debt is in existence between the parties as on the date of filing this case. If any disbursement was made to the firm, the corporate debtor having set out all that was paid and adjusted towards share application money, burden lies upon the applicant to prove no such payments has come to their account, that the applicant has not done. The corporate debtor, in any event, having not only established that no debt payable to the Applicants is in existence as on the date of filing this Company Petition, but also established that this debt is time barred, therefore this Company Petition is hereby dismissed as misconceived.
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