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2019 (8) TMI 684 - Tri - Insolvency and BankruptcyAdmissibility of petition - initiation of Corporate Insolvency Resolution Process - scope of 'Financial Creditor' - existence of debt/default or not - sub-section (7) of section 5 of IBC - whether the money was borrowed against consideration for time value of money and according to the petitioner the money was given on payment of the interest? - HELD THAT:- The petitioner has filed copies of the order passed by the Judicial Magistrate in the criminal complaints under section 138 of the Negotiable Instruments Act (annexures A to H) to suggest that the proceedings against the respondent-corporate debtor were consigned in terms of section 299 of the Code of Criminal Procedure, 1973, the directors of the respondent-corporate debtor having been declared proclaimed offenders. In one of the case, however, the accused have put in appearance and the matter is pending. The important question was whether the interest was debited in the account of the respondent-corporate debtor maintained in the books of account of the petitioner before May 25, 2018 and details thereof. It is admitted that there is no entry debiting the interest in the account of the respondent being maintained by the petitioner before entry dated May 20, 2017 to the tune of ₹ 2,07,82,027. The loan is said to have disbursed in the year 2013 and it is admitted that there is no entry of debiting the interest in any of the financial years except when the dispute between the parties arose. The petition is rejected in limine with cost of ₹ 2,00,000 with a direction to deposit the amount of costs in the Prime Minister Relief Fund within a period of one month of receipt of certified copy of the order.
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