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2020 (3) TMI 1212 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Financial Debt or not - whether there was a default on behalf of corporate debtor in payment of the amount claimed? - time limitation - HELD THAT:- What can be seen is that the offer made by the corporate debtor was conditional in the sense that it stated that it was willing to refund money provided the procedure prescribed by RBI is followed. Now, before us learned counsel for both the parties are trying to make submissions against each other. While learned counsel for the financial creditor states that they made a demand and learned counsel for the corporate debtor is submitting that the demand is improper and the Rules applicable under the FEMA and the RBI Act are required to be followed. Once the Adjudicating Authority came to the conclusion that default has not been proved, the only option it had was to reject the application and the conditional offer could not have been gone into. We find that the underlined portion of the impugned order (referred to supra) where it gives directions to fulfil requirements and liberty to revive cannot be maintained. This appeal disposed off with liberty to the respondent-financial creditor to take necessary steps (which were found wanting in paragraph 11 of the impugned order) and it may file fresh application under section 7 of the IBC, if so advised - the question of limitation is kept open for consideration when such application is moved.
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