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2020 (12) TMI 432 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The total debt due and payable to the Financial Creditors is ₹ 38,07,300 - Upon perusal of the Rule Book, Application Form, certificates and receipts issued by the Corporate Debtor under its CIS, we are satisfied that this is a case of assured return or interest, which is a 'financial debt' within the meaning of section 5(8) of the IBC. It may be usefully noted that in the case of Nikhil Mehta & Sons HUF & others v AMR Infrastructures Limited, [2017 (8) TMI 1017 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] the Hon'ble NCLAT has held that those who have commitment to pay 'assured return,' 'interest,' etc. are covered by the expression "financial creditor." Order of the Ld. MPID Court, auction of the properties by the Regulatory Authority in coordination with the officials of the State Government and reports of attachment of properties worth several crores of Rupees by the Enforcement Directorate, we are of the considered view that at this advanced stage no meaningful purpose would be served by admitting the petition for initiating CIRP against the Corporate Debtor, imposing moratorium and appointing an Interim Resolution Professional etc. In terms of section 7(5)(b) of the IBC, the Registry is directed to communicate this Order to the Financial Creditors and the Corporate Debtor by Speed Post and email immediately, and in any case, not later than two days from the date of this Order.
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