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2022 (2) TMI 1130 - AT - Insolvency and BankruptcyRejection of application filed under section 7 of IBC - Corporate Debtor failed to make repayment of its dues - Corporate Debtor clearly admitted its debt and mentioned that Appellant shall be paid - HELD THAT:- The Investment Agreement dated 01st April.2014 is on record which clearly mentions that Appellant has invested and paid 75 Lacs which was received by the Corporate Debtor. The Payment of ₹ 75 Lacs is evidenced by the Agreement itself. It is submitted that Appellant was allotted 2000 sq. ft. out of which 1000 sq. ft. was sought to be bought back by the Corporate Debtor with regard to which correspondences were entered - the notice which was issued by the Appellant on 12th July, 2018 was replied by the Respondent/Corporate Debtor where the Corporate Debtor clearly admitted the debt and mentioned that Appellant shall be paid. The Investment Agreement as well as the Reply submitted by the Corporate Debtor itself indicate that the amount was received by the Corporate Debtor and Corporate Debtor itself say that it has paid ₹ 25 Lacs and agreed to make payment of the remaining amount when the project shall start paying back, there is clear admission of the debt on behalf of Corporate Debtor and Adjudicating Authority has committed error in observing that there is no debt proved by the Appellant. Learned Counsel for the Appellant has also referred to several materials to indicate that project is complete and hence payment has become due. The Adjudicating Authority has committed error in rejecting the Application - appeal allowed.
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