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2019 (8) TMI 1381 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - financial debt or not - Section 33(1) of the Karnataka Stamp Act, 1957 - Sections 5(7) and 5(8) of I&B Code, 2016 - HELD THAT:- The amount in question has been advanced by the Petitioner, and utilized by the Respondent, based on the loan agreement and in the Real Estate Project or purchase of Flat and hence, it cannot be disputed that he is not a Financial Creditor as also by going through the audited balance sheet as on 31.03.2016 duly submitted by the Advocate for the Petitioner in respect of the Respondent Company the health of the Company does not seems to be very good as Reserve and surplus is only ₹ 34,53,140/- with the Company. The Respondent Company started since 2002 and it is carrying lot of current and non-current liability and is blocked in current assets i.e. inventories, Trade Receivables. All these circumstances suggest, that it is fit case to be admitted, under Section 7 of Insolvency & Bankruptcy Code for Corporate Insolvency Resolution Process to be initiated. Petition admitted - moratorium declared.
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