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2020 (9) TMI 375 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute - HELD THAT:- We are not ready to discard the loan Agreement pointed out by the Respondent and the MOU only because the Appellant now turns around to brand one of its Directors as not good Director with whom the other Director, his brother subsequently claims to have developed disputes. Calling a document as forged is not enough to throw out the document unless there is, prima facie, evidence to show that the document is a false creation by the opposite party. The record shows that when the Appellant sent the recall Notice, the Respondent immediately by way of another Notice which is at Page – 138 referred to the documents executed between the parties and claimed that for want of the investment, it had suffered damages. In the Reply before the Adjudicating Authority, the forfeiture was also claimed. We are not entering into the dispute relating to these documents which are stated to be before the Arbitrator. What we hold from the record is that the Appellant – Financial Creditor fails to make out case that there is debt which is admitted and enforceable and that it is in default. Appeal dismissed.
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