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2019 (8) TMI 1140 - AT - Insolvency and BankruptcyMaintainability of petition - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor - HELD THAT:- The aforesaid submission cannot be accepted in absence of any relationship between the ‘Impex India Inc.’ (Financial Creditor) and ‘Seajaan Logistics Private Ltd.’ (Corporate Debtor) and the ‘Corporate Debtor’ has failed to bring on record any evidence to show that it was a friendly loan and not to be refunded. So far as the maturity of the loan is concerned, admittedly, the loan have been taken on 15th November, 2015 vide cheque No. 002334. As the loan amount is ₹ 15 Lakhs and the part amount has not been paid, the Adjudicating Authority rightly held that the ‘Corporate Debtor’ defaulted in paying the ‘debt’, which was more than ₹ 1 Lakh. As pleaded that the ‘Financial Creditor’ has admitted that they have received the amount of ₹ 11,60,000/- but it was not disputed that the rest of the amount, which is more than ₹ 1 Lakh, has not been paid. Appeal dismissed.
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